Bass PLC Acquires Posthouse

Apr 04, 2001, 01:00 ET from Bass Hotels & Resorts

    LONDON, April 4 /PRNewswire/ -- Bass PLC (NYSE:   BAS; London) (ADRs) today
 announces that it has acquired the entire business of Posthouse from Compass
 Group PLC.  The consideration for the purchase was 810 million pounds
 sterling, in cash.
     Posthouse consists of 79 mid-scale hotels with 12,300 rooms.  Of these,
 77 hotels are owned freehold or are held on long leases and two are management
 contracts.  In addition, one new hotel will open in Oxford later this year.
 78 of the hotels are in the United Kingdom and one is in Ireland.  Many of the
 hotels have excellent locations at key motorway and other major road
 junctions, in city centres and at airports with a particularly strong network
 in the south east.
     Bass will be able to add considerable value to the majority of these
 properties by upgrading them to its international Holiday Inn brand.  This
 will enable them to benefit from the brand recognition, global reservation
 system and sales force of Holiday Inn.  As a result of this, Bass anticipates
 substantial outperformance in revenue per available room.
     This acquisition is in line with one of Bass' fundamental strategic
 objectives of building its mid-scale brand distribution in Western Europe.  It
 will enable Holiday Inn to develop a leading position in the UK market which
 will also help to attract more of the growing intra-European cross border
 business and leisure travel.
     Over the last four and a half years the portfolio has benefited from over
 200 million pounds sterling of investment.  Bass expects to invest an
 additional 75 million pounds sterling of expansionary capital in the hotels
 over the next three years in order to bring them up to Holiday Inn standards.
 It is currently anticipated that around 15 of the properties will not be
 retained, either because they are not suitable for upgrading to Holiday Inn or
 because they are too close to existing Holiday Inn hotels.
     Commenting on the acquisition, Tim Clarke, chief executive of Bass said
 "This purchase is an important move forward in the implementation of our
 strategy to make Holiday Inn a leading brand in each of the principal European
 economies, comparable to its position in North America.  The UK market is
 strategically important to Bass, not only as a major domestic hotel market,
 but also as the world's third largest source of out-bound travellers.  As a
 result the conversion of these properties to Holiday Inn will also enable us
 to leverage the brand expansion into other markets.  We are delighted we have
 been able to acquire these assets at an attractive price."
     "This transaction continues the repositioning of Bass and replaces half
 the profits of Bass Brewers, that was sold for 2.3 billion pounds sterling
 last year, with profits with significant growth prospects."
 
     Notes:
 
     Bass is an international leisure hospitality group operating in hotels,
 leisure retail and branded drinks.
 
     -  Bass Hotels & Resorts is the world's leading global hotel group whose
        brands include Inter-Continental Hotels and Resorts, Crowne Plaza
        Hotels and Resorts, Holiday Inn, Express by Holiday Inn and Staybridge
        Suites.  It owns, operates or franchises more than 3,000 hotels and
        over 500,000 guest rooms in nearly 100 countries around the world.
 
     -  Bass Leisure Retail is the UK's leading managed restaurant, pubs and
        bars group with over 2,000 outlets including brands such as Vintage
        Inns, Harvester, Toby, Browns, All Bar One, It's A Scream, O'Neill's,
        Edwards, Ember Inns and Goose.
 
     -  Britvic Soft Drinks is one of the leading UK producers and distributors
        of branded soft drinks with brands such as Tango, Robinsons, Britvic
        and the UK franchise for Pepsi.
 
     Bass Hotels & Resorts(R), the hotel business of Bass PLC of the United
 Kingdom, operates or franchises more than 3,000 hotels and 490,000 guest rooms
 in almost 100 countries and territories.
     The following are some of the service marks owned by Bass Hotels &
 Resorts, Inc., its subsidiaries or affiliates:  Holiday Inn(R), Crowne
 Plaza(R), Express by Holiday Inn(R), Holiday Inn Select(R), Holiday Inn Garden
 Court(SM), Holiday Inn SunSpree(R) Resorts, Staybridge Suites(R) by Holiday
 Inn, Holiday Inn Family Suites(SM) Resort , Holidex(R), Priority Club(R)
 Worldwide, Inter-Continental(R), Forum(R), and Six Continents Club(R).
 Centra(R) in Canada and Mexico; Centra(SM) in the U.S.; Parkroyal(R) in the
 U.S. and Canada; Parkroyal(R) in Mexico.
     Bass Hotels & Resorts, Inc. offers information and reservations capability
 on the Internet -- www.basshotels.com, www.interconti.com for Inter-
 Continental Hotels and Resorts, www.crowneplaza.com for Crowne Plaza Hotels
 and Resorts, www.holiday-inn.com for Holiday Inn hotels, www.hiexpress.com for
 Express by Holiday Inn  hotels, www.staybridge.com for Staybridge Suites by
 Holiday Inn, and www.priorityclub.com .
     For the latest news from Bass Hotels & Resorts, visit our new online Press
 Office at http://www/pressoffice.basshotels.com .
 
 

SOURCE Bass Hotels & Resorts
    LONDON, April 4 /PRNewswire/ -- Bass PLC (NYSE:   BAS; London) (ADRs) today
 announces that it has acquired the entire business of Posthouse from Compass
 Group PLC.  The consideration for the purchase was 810 million pounds
 sterling, in cash.
     Posthouse consists of 79 mid-scale hotels with 12,300 rooms.  Of these,
 77 hotels are owned freehold or are held on long leases and two are management
 contracts.  In addition, one new hotel will open in Oxford later this year.
 78 of the hotels are in the United Kingdom and one is in Ireland.  Many of the
 hotels have excellent locations at key motorway and other major road
 junctions, in city centres and at airports with a particularly strong network
 in the south east.
     Bass will be able to add considerable value to the majority of these
 properties by upgrading them to its international Holiday Inn brand.  This
 will enable them to benefit from the brand recognition, global reservation
 system and sales force of Holiday Inn.  As a result of this, Bass anticipates
 substantial outperformance in revenue per available room.
     This acquisition is in line with one of Bass' fundamental strategic
 objectives of building its mid-scale brand distribution in Western Europe.  It
 will enable Holiday Inn to develop a leading position in the UK market which
 will also help to attract more of the growing intra-European cross border
 business and leisure travel.
     Over the last four and a half years the portfolio has benefited from over
 200 million pounds sterling of investment.  Bass expects to invest an
 additional 75 million pounds sterling of expansionary capital in the hotels
 over the next three years in order to bring them up to Holiday Inn standards.
 It is currently anticipated that around 15 of the properties will not be
 retained, either because they are not suitable for upgrading to Holiday Inn or
 because they are too close to existing Holiday Inn hotels.
     Commenting on the acquisition, Tim Clarke, chief executive of Bass said
 "This purchase is an important move forward in the implementation of our
 strategy to make Holiday Inn a leading brand in each of the principal European
 economies, comparable to its position in North America.  The UK market is
 strategically important to Bass, not only as a major domestic hotel market,
 but also as the world's third largest source of out-bound travellers.  As a
 result the conversion of these properties to Holiday Inn will also enable us
 to leverage the brand expansion into other markets.  We are delighted we have
 been able to acquire these assets at an attractive price."
     "This transaction continues the repositioning of Bass and replaces half
 the profits of Bass Brewers, that was sold for 2.3 billion pounds sterling
 last year, with profits with significant growth prospects."
 
     Notes:
 
     Bass is an international leisure hospitality group operating in hotels,
 leisure retail and branded drinks.
 
     -  Bass Hotels & Resorts is the world's leading global hotel group whose
        brands include Inter-Continental Hotels and Resorts, Crowne Plaza
        Hotels and Resorts, Holiday Inn, Express by Holiday Inn and Staybridge
        Suites.  It owns, operates or franchises more than 3,000 hotels and
        over 500,000 guest rooms in nearly 100 countries around the world.
 
     -  Bass Leisure Retail is the UK's leading managed restaurant, pubs and
        bars group with over 2,000 outlets including brands such as Vintage
        Inns, Harvester, Toby, Browns, All Bar One, It's A Scream, O'Neill's,
        Edwards, Ember Inns and Goose.
 
     -  Britvic Soft Drinks is one of the leading UK producers and distributors
        of branded soft drinks with brands such as Tango, Robinsons, Britvic
        and the UK franchise for Pepsi.
 
     Bass Hotels & Resorts(R), the hotel business of Bass PLC of the United
 Kingdom, operates or franchises more than 3,000 hotels and 490,000 guest rooms
 in almost 100 countries and territories.
     The following are some of the service marks owned by Bass Hotels &
 Resorts, Inc., its subsidiaries or affiliates:  Holiday Inn(R), Crowne
 Plaza(R), Express by Holiday Inn(R), Holiday Inn Select(R), Holiday Inn Garden
 Court(SM), Holiday Inn SunSpree(R) Resorts, Staybridge Suites(R) by Holiday
 Inn, Holiday Inn Family Suites(SM) Resort , Holidex(R), Priority Club(R)
 Worldwide, Inter-Continental(R), Forum(R), and Six Continents Club(R).
 Centra(R) in Canada and Mexico; Centra(SM) in the U.S.; Parkroyal(R) in the
 U.S. and Canada; Parkroyal(R) in Mexico.
     Bass Hotels & Resorts, Inc. offers information and reservations capability
 on the Internet -- www.basshotels.com, www.interconti.com for Inter-
 Continental Hotels and Resorts, www.crowneplaza.com for Crowne Plaza Hotels
 and Resorts, www.holiday-inn.com for Holiday Inn hotels, www.hiexpress.com for
 Express by Holiday Inn  hotels, www.staybridge.com for Staybridge Suites by
 Holiday Inn, and www.priorityclub.com .
     For the latest news from Bass Hotels & Resorts, visit our new online Press
 Office at http://www/pressoffice.basshotels.com .
 
 SOURCE  Bass Hotels & Resorts