CANADIAN DEALING NETWORK SYMBOL: LCAN
NOVEMBER 25, 1998
Leisure Canada: Le Meridien Hotels & Resorts Unite with
Leisure Canada in Its Multi Destination Resort Project in
Jibacoa, Cuba
VANCOUVER, BRITISH COLUMBIA--Leisure Canada Inc. is pleased to
announce that it has entered into a Letter of Intent with Meridien
Hotels & Resorts, one of Europe's leading hotel groups which
operates a globally recognized chain of first class hotels and
Resorts. The Letter of Intent calls for the opening and operation
of the hotels within 30 months of a final signed agreement
targeted for December 31, 1998. The final agreement will
incorporate the design, planning, furnishing, equipment and decor
of the hotel, allowing it to carry the trade name and service
marks of this world renowned international hotel group, as well as
participating in the chain's international advertising and sales
promotion programs. The agreement will also span a long-term
management contract with multiple renewal rights. This unique
European proven concept is exclusive to Leisure Canada in Cuba.
The first phase of the agreement will lead to the development of
three hotels totaling 550/600 rooms. This project will be
designed together with this high profile European hotel group to
ensure its international standards, which will mirror its famous
resort in Sardinia, Italy. The agreement will also include
Meridien's signature spa facilities, retail village, restaurants
and entertainment facilities, convention centre, tennis courts,
pier facilities and children's complex. This will all centre
around Leisure Canada's recently announced development of its
first of two 18-hole championship golf courses, to be designed,
developed and managed by the world renowned Gleneagles Golf
Developments of Scotland.
This agreement also encompasses a second phase consisting of
additional 400 rooms and a marina, which brings the agreement to a
total of 1,000 rooms. The hotel will be managed by the Meridien
group, who has expressed a strong interest in equity
participation.
This agreement, in combination with Gleneagles, completes the
commitments of Phase I at Jibacoa, making this site a true world
class destination resort. |
