Hard Rock Hotel to Open in New York; Sol Melia and Hard Rock Hotel Joint Venture Signs Management Deal with Becker Ventures

NEW YORK & PALMA DE MAJORCA, Spain--(BUSINESS WIRE)--July 8, 2004--Sol Melia Hotels and Resorts and Hard Rock Cafe International today announced that its 50:50 joint venture (Lifestar Hotels, LLC) has entered into a series of agreements with Becker Ventures LLC to develop and manage the Paramount Hotel which Becker recently acquired from Century Paramount LLC. The purchase price of the hotel was $126.5 million. The hotel will undergo a multi-million dollar refurbishment to commence at the beginning of 2005, following which it will be re-branded the Hard Rock Hotel New York.

Until the refurbishment is complete the hotel will continue to operate as the Paramount Hotel with all acti