IHG Announces Signing of Second InterContinental in Buenos Aires

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. October 14, 2008

SEPTEMBER 24, 2008. Set to open in early 2011, the property will be located on the Bahia Grande in Nordelta, a mixed-use master plan community in Greater Buenos Aires with residences, restaurants, shops and a world-class golf course. The hotel will be owned by Complejo Bahia, S.A. and will be managed by IHG's Americas division, The Hotel Management Group, under a long-term management contract.

Located in the north part of Buenos Aires, approximately 33 kilometres from the city center, lies Nordelta, an exclusive community that includes thirteen neighborhoods and has a feeling of a village within a city. The community provides an array of amenities, including swimming pools, soccer and tennis fields, a shopping mall, a medical center, a sports club, three private schools, playgrounds and a private country club. There is also a corporate park situated in Nordelta with several thriving businesses and multi-national corporations. Nordelta's landscape and series of lakes, canals, grass and trees, makes it an excellent backdrop for the Nordelta golf course, the only Jack Nicklaus golf course in Argentina and an approved course of the PGA Tour with 18 holes, a driving range, a chipping green and a putting green.

'We are delighted to be signing the InterContinental Nordelta Buenos Aires Hotel, Residences & Spa as our second InterContinental hotel in Greater Buenos Aires. This is a significant project for us and we are thrilled to be able to establish presence in such a great location in the thriving community of Nordelta," said Alvaro Diago, Area President, IHG, Latin America. "We believe that this new property will continue to strengthen our position across the region, as well as further demonstrate IHG's commitment to expanding in new, innovative and up and coming locations."

"The signing of this new hotel is representative of the deep respect we have for IHG, as a hotel group, and the brand value that is associated with the InterContinental Hotels & Resorts name,' said Walter Mosca, President of Complejo Bahia, S.A. "It is with great pride that we enter into this agreement with IHG, and we look forward to expanding our relationship with them and possibly collaborating with them on future projects.'

The InterContinental Nordelta Buenos Aires Hotel, Residences & Spa will comprise of 140 guestrooms including 20 suites, as well as 225 residences ranging in size from 800 sq. ft. to 1,900 sq. ft. In addition, the resort will include a spa, fitness center, indoor and outdoor swimming pools, six meeting rooms with a capacity of up to 600 people, two restaurants and a bar. Guests at the InterContinental will also enjoy a convenient location on the Lago Central where a marina, boat slips and direct access to the Rio Lujan provide access to a wide range of watersports and recreation.

InterContinental Nordelta Buenos Aires Hotel, Residences & Spa will join sister hotel InterContinental Buenos Aires, which is situated in the financial district of the city and within walking distance from the famous Calle Florida shopping street and main tourist attractions.