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InterConti agrees new Porto deal

InterContinental Hotels & Resorts has announced an agreement with Portuguese
real estate company Solitaire to open an InterContinental hotel in the northern
Portuguese city of Porto.  Aimed at both the discerning leisure and business traveller, the InterContinental
Porto Palacio Das Cardosas is scheduled to open at the end of 2009 and will be the
brand’s first property within this popular European destination. Set in an historic,
250 year old building in the city’s main square, the property will feature 109
rooms, a fully-equipped business centre and first-class leisure facilities. These
will include a spa and the reintroduction of the legendary Cafe Astoria, which
formerly occupied the ground floor of the building in the early 20th century. 

Porto is Portugal’s second largest city, with a surrounding area that is rural and
unspoilt.  Boasting beautiful landscapes, stunning coastlines, modern architecture,
a friendly atmosphere and two UNESCO World Heritage Sites - the Duoro Valley and Foz
Coá - the northern region has a strong appeal for discerning travellers.

Jennifer Fox, Chief Operating Officer, InterContinental Hotels & Resorts, Europe,
added:  “The signing of the InterContinental Porto Palacio Das Cardosas to our
European portfolio reinforces our brand’s passion for growth as well as our
commitment to Europe.  We are extremely proud to announce the signing of this new
property in the dynamic city and delighted to be partnering with Solitaire to
develop the property”. 

Miguel Félix da Costa, Solitaire’s Chief Executive, said: “With InterContinental
having an excellent pedigree in managing high-end hotels and resorts across both
Europe and the globe, we are delighted to have established this relationship with
one of the world’s leading hospitality brands and eager to begin work on opening the
InterContinental Porto Palacio Das Cardosas. We believe this to be an especially
exciting development for the region, with this addition to the local hospitality
industry sure to strengthen leisure and business tourism to northern Portugal.”