Under the agreement, seven new Express by Holiday Inn hotels, representing more than 900 additional rooms, will be developed over the next five years in key cities principally across Portugal, but also in Galicia in Northern Spain. This announcement reinforces Express by Holiday Inn's positioning as the fastest growing hotel brand in Europe.

The hotels will all be operated under franchise agreements. Two projects are already underway; one in Porto, a new build 134 room hotel, and a 119 room Express by Holiday Inn at Lisbon Airport. These hotels are anticipated to open in early 2008. The other development proposals include additional hotels in Lisbon, Porto, Faro and the area of Leiria / Coimbra in Portugal, and one in the city of Vigo in Galicia, Northern Spain.