IHG inks deal for Algarve hotel

InterContinental Hotels Group has announced the signing of a franchise agreement with the Cerro Grande
investment group for the new Crowne Plaza Albufeira-Algarve.  The new-build hotel will open in the third quarter of 2008 and comprises 113 guest
rooms and 50 villas, offering a stylish beach resort experience.  The hotel will
offer all the amenities expected from the Crowne Plaza brand, including two
restaurants: the all day restaurant located inside the hotel (seating 120) and the
fine dining restaurant next to the villas (seating 40). Additional facilities
include indoor and outdoor pools with a poolside grill bar, kids club, fitness club
and a 600m? spa area where guests can unwind. Business visitors, meanwhile, will
benefit from the extensive 1,000m? of meeting space.

Situated close to the old city of Albufeira, adjacent to Albufeira’s marina and next
to the Algarve’s most important golf courses, the property is expected to appeal to
both leisure and business travellers.  The Algarve - Portugal’s most popular tourist
region - enjoys a mild Mediterranean climate throughout the year and boasts miles of
white-sand beaches, as well as towns and villages rich in history and culture.

Hylko Versteeg, IHG’s Director of Development for Spain and Portugal, commented: “We
are delighted to be further demonstrating our commitment to the Portuguese market
with the introduction of our international Crowne Plaza brand to the Algarve. We are
extremely proud to be working with Cerro Grande on this exciting development and
believe that the new Crowne Plaza Albufeira-Algarve will offer a luxurious and
unique stylish beach resort experience which will strongly appeal to both leisure
and business guests”.

António Secca de Oliveira, CEO of Cerro Grande, added: “We are extremely proud to be
working with IHG to bring the Crowne Plaza brand to Albufeira. The hotel’s
contemporary design, professional service and comprehensive range of facilities will
undoubtedly appeal to the discerning traveller and will provide a welcome boost to
Portugal’s upscale hotel offerings”.