HOLIDAY INN FOR OLD SYDNEY

Bass Hotels & Resorts has announced that the Old Sydney Parkroyal in Australia will become Old Sydney Holiday Inn.

"With more than 1,500 hotels world-wide, Holiday Inn is the largest single hotel brand and the most widely recognised mid-market hotel brand in the world," said Tony South, Chief Operating Officer, Australia/New Zealand/South Pacific of Bass Hotels & Resorts.

"Clearly there is a wonderful opportunity in Australia and the rest of our region to establish a strong Holiday Inn presence leveraging the benefits of belonging to the world's most global hotel company," he said.

"The renaming of the Old Sydney Parkroyal sets a deliberately high benchmark for the Holiday Inn brand in our region and is a clear statement on where the Holiday Inn brand will sit in the marketplace.

"Old Sydney Holiday Inn will join other Holiday Inn flagship hotels in major cities around the world including London, Paris, New York, Hong Kong, Singapore, Beijing and Shanghai," Mr South said.

"The hotel has a loyal following from domestic and international markets alike, due to its prime location in the historic Rocks precinct of Sydney and its city, Opera House and Harbour Bridge views.

"Old Sydney Holiday Inn will continue to have a strong inbound market and the Holiday Inn brand will increase the hotel's appeal to the North American and European markets," he said.

"Around the world, Holiday Inn continues to win major hotel awards including being named 'Best Mid-Price Hotel Chain in the World' by Business Traveller Magazine Asia Pacific last year."

Crenate Pty Ltd purchased the 174-room hotel in 1989 under the management of the SPHC Group. The marketing and management of the hotel has been seamless during the transition to Bass Hotels and Resorts, which acquired the SPHC Group in April this year.

The name change will be effective from 11 September 2000 to take full advantage of the increased visitor presence in Sydney during the 2000 Olympic Games.