Host Marriott Services And Planet Hollywood International Announce
Agreement To Jointly Develop Cool Planet Locations
BETHESDA, M.D., and ORLANDO, Fla., June 15 /PRNewswire/ -- Host Marriott
Services Corporation (NYSE: HMS), the nation's largest travel and
entertainment concessionaire, and Cool Planet, Inc., a subsidiary of Planet
Hollywood International, Inc., (NYSE: PHL), the creator and developer of
worldwide consumer brands, announced today that they have formed a joint
venture to develop "Cool Planet"(TM) locations in select Host Marriott
Services' airports, travel plazas and mall locations.
The new ice cream and dessert stores, under the brand name Cool Planet, will
re-create the excitement and glamour of "Hollywood", movies and celebrity
involvement within an refreshingly unique environment that breaks the mold
of traditional ice cream shops . Planet Hollywood stockholder and superstar
of film, television and stage, Whoopi Goldberg, will be the lead
spokesperson for Cool Planet throughout the United States. The first new
Cool Planet is expected to open within the next 45 days located at the
walking-mall, "3rd Street Promenade", in Santa Monica, California. The
first location is a wholly owned company-operated unit, which is not part of
the locations to be developed with Host Marriott Services.
Defined as a new concept in outrageous cool desserts, Cool Planet combines
the glamour of Hollywood with a flair for gourmet ice-cream. More than just
an ice cream shop, Cool Planet promises to offer customers unique and
exciting ice cream products and desserts to be enjoyed in a fun atmosphere
throughout the United States and the world.
The 50/50 joint venture agreement includes the development of up to 10 Cool
Planet locations. Initially, the joint venture will develop five locations
within the next year, followed by at least an additional two locations
within six months thereafter. The joint development of Cool Planet marks a
new addition to Host Marriott Services' portfolio of branded concepts that
includes more than 100 international, regional and local concepts in more
than 200 locations worldwide. Host Marriott Services will manage the
construction of each location as well as their day-to-day operation.
"Host Marriott Services is very excited about the partnership with Cool
Planet and is looking forward to bringing this great concept to life at many
of our travel and entertainment locations," said Bill McCarten, President
and Chief Executive Officer, Host Marriott Services.
"We are very pleased to be working with Host Marriott Services to jointly
develop the initial roll-out of Cool Planet locations. Host Marriott
Services' expertise in bringing consumer brands to customers in high traffic
areas should help to provide a strong springboard for the future growth of
this emerging new brand. We believe the new Cool Planet locations will
offer everyone a refreshing and fun place to enjoy ice cream and desserts",
commented Robert Earl, President and Chief Executive Officer of Planet
Hollywood.
"Cool Planet -- Where Ice Cream is the Star." Cool Planet, Inc. is a
subsidiary of Planet Hollywood International, Inc.
Host Marriott Services, with its worldwide headquarters in Bethesda,
Maryland, is the leading food, beverage and retail concessionaire at nearly
200 travel and entertainment venues, with approximately 24,000 employees in
six countries around the globe. Host Marriott Services is best known for
its custom solutions business approach that combines internationally known
brands with regional favorites in airports, travel plazas, shopping malls
and entertainment attractions. The company has concentrated its recent
growth initiatives on international airport and domestic shopping malls.
Planet Hollywood is a creator and worldwide developer of consumer brands
that capitalize on the universal appeal of movies, sports, music and other
leisure-time activities. The Company's worldwide operations offer products
and services in the retail, leisure, entertainment, lodging and gaming
sectors. The Company is organized under five operating divisions, Consumer
Products; Food & Beverage; Lodging and Gaming; Retail & Merchandise; and,
Theaters & Entertainment. Planet Hollywood International, Inc.'s Class A
common stock is listed under the symbol "PHL" on the New York Stock
Exchange.
Certain statements contained herein are forward-looking statements that are
made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve known and
unknown risks and uncertainties which may cause the Company's and its
partners' actual results in future periods to differ materially from what is
currently anticipated. Those risks include, among others, risks associated
with the timing and cost associated with new business development, general
competitive factors and a change in retailer or consumer acceptance of the
Company's and its partner's products and services.
/CONTACT: Wendy A. Watkins, Host Marriott Services Corporation,
301-380-7903; or Robert Weiner, Planet Hollywood International, Inc.,
407-363-7827/
10:56 EDT
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