InterContinental Sign for New Panama Hotel

InterContinental Hotels Group, the world’s largest and most global hotel
company, and Empresas Bern, Panama’s largest hotel and tour group
operator, today signed a letter of intent to develop the InterContinental
Playa Bonita Resort.The hotel, located on a former U.S. military recreational beach, will be an
addition to our region’s existing InterContinental Hotels resort properties in
Mexico and the Caribbean.

Ideally situated on the Pacific Ocean, less than three miles from the
Panama Canal, 15 minutes north of Panama City, the eco-friendly, self-
contained resort includes 300 beautiful ocean view guest rooms, and
numerous amenities which combine the first-class elegance of the
InterContinental brand, within a resort ambiance.

It is the third such alliance between IHG and Empresas Bern, who developed
and owns mixed-use complexes that include the Miramar InterContinental
Panama and the Holiday Inn Hotels & Suites Panama, both in Panama City.
“Herman (Bern) is a man of extraordinary vision,” says Alvaro Diago, Area
President InterContinental Hotels Latin America.  “He is always one step
ahead of most of us - he knows how to create a future, both literally and
figuratively speaking.  This is our third venture with his organization, and the
most exciting yet.”

As an addition to our luxurious resorts across the globe, the
InterContinental Playa Bonita Resort will use internationally acclaimed
properties, like the InterContinental Resort Bali in Indonesia as a model
hotel.

“This property brings together the best elements of both companies,” adds
Bern.  “We have always been proud of our involvement with IHG, as their
brands lend unparalleled global recognition.  At the same time, we have
clearly established a niche in our region as an organization with
extraordinary development capabilities.  There is unlimited potential when
two companies like ours are working together to develop a property.”
The resort, which is scheduled to open in the first quarter in 2007, is part of
a master plan that includes a residential component, boasts almost two
miles of virgin beachfront, and is situated on a natural crescent bay
bordered by natural reserves.

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“It is truly one of the most beautiful and pristine environments in the world
today,” concludes Bern.  “We are confident that it is a property that will earn
international acclaim.”
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