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Non-Tech : Planet Hollywood (PHL) -- Ignore unavailable to you. Want to Upgrade?

To: Don Dorsey who wrote (151)	3/9/1998 11:12:00 AM
From: Don Dorsey	Read Replies (1) \| Respond to of 192

Planet Hollywood Announces Premiere, State-Of-The-Art Hotel Entertainment Complex In New York City's Times Square PR Newswire - March 09, 1998 09:56 Relocating 57th St. Flagship Restaurant To New Hotel Complex ORLANDO, Fla., March 9 /PRNewswire/ -- Planet Hollywood International, Inc. (NYSE: PHL) today announced that, in partnership with several prominent real estate developers, it has purchased property located in New York City at Times Square to develop, own and operate a full-service Hotel Complex. This premiere state-of-the-art complex will feature Hollywood-themed guest rooms and suites; a flagship Planet Hollywood restaurant/retail unit, which will be relocated from its present 57th Street site to the entertainment mecca of New York's Times Square; a movie-premiere screening facility; state-of-the-art interview and studio suites; complete business traveler service center; food and beverage, room service and catering services; and health club and spa amenities with other accents that bring a guest into the world of Hollywood and themed entertainment. Located in the heart of Times Square, the full service Hotel Complex will occupy approximately 339,000 square feet, including a 38,000 square foot flagship Planet Hollywood restaurant/retail unit and 548 themed guest rooms and floors, with an additional 16 suites. Designed by Frank Williams & Associates Architects along with Robert Gladstone of Madison Equities, it will be the most unique and engaging Hotel Complex in the revitalized epicenter, Times Square, and is expected to be completed in late 1999. The Hotel Complex was purchased by, and will be developed by, a partnership that is comprised of three strong partners including a 20% interest by Planet Hollywood International, Inc., and an 80% interest by Times Square Partners, L.L.C., which is controlled and managed by Intell Management and Investment Company. Madison Equities as a co-developer and partner. Intell Management and Investment Company is a diversified owner and manager of real estate throughout the United States. Madison Equities has developed several prime office and apartment buildings over the past 40 years in New York City. Planet Hollywood will own and operate 100% of the flagship restaurant/retail unit and provide food & beverage and catering services to the entire Hotel Complex. Planet Hollywood will receive ongoing licensing fees in addition to its 20% interest in the Hotel Complex. This venture marks the third lodging project by Planet Hollywood with each of the Company's brands now represented in the lodging sector. In addition to this new Hotel Complex, the Company plans to open a Music-themed Hotel and Casino in Las Vegas partnering with Aladdin Gaming, L.L.C. as well as renovating the Pennsylvania Hotel in New York City to become the Official All- Star Hotel in 1999. 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 & 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. SOURCE Planet Hollywood International, Inc. /CONTACT: Patty Caruso or Matthew Hallman, National Public Relations, 212-333-7822, or Robert Weiner, Corporate Finance Relations, 407-363-7827, all of Planet Hollywood International/ /Company News On-Call: prnewswire.com or fax, 800-758-5804, extension 116808/ (PHL)