Coral Hotels & Resorts and Hilton Hotels Corporation End Their Joint Development Agreement
Tuesday October 31, 5:26 pm ET


SANTO DOMINGO, Dominican Republic & BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Coral Hotels & Resorts and Hilton Hotels Corporation (NYSE:HLT - News) announced today the joint decision to dissolve their agreement to develop the Coral by Hilton brand. The decision, reached by mutual agreement, is effective Oct. 31, 2006.
"This de-branding stems from a mutually agreed and amicable decision," states Simon Suarez, executive vice president of Coral Hotels & Resorts. "The superior infrastructure and unique characteristics of Coral Hotels & Resorts guarantee seamless branding without starting from zero. Under the new structure, guests will continue to enjoy four exciting all-inclusive resorts with a wide variety of activities and accommodations to please any discerning traveler."

"Hilton has enjoyed a successful three year relationship with Coral Hotels & Resorts. This mutual decision is a result of our companies pursuing new direction and focus for development opportunities," said Matthew J. Hart, president and chief operating officer, Hilton Hotels Corporation.

Coral's four existing all-inclusive resorts in the Dominican Republic will no longer operate under the Coral by Hilton brand as of Oct. 31, 2006 and will revert back to the Coral Hotels & Resorts brand. All existing reservations will be honored by all four hotels. For further information guests should call 1-800-863-9281 or visit www.coralhotels.com

Since 1996, Coral Hotels & Resorts has operated in the Dominican Republic, and will continue to do so under that banner. Following the de-branding process from Hilton, Coral Hotels & Resorts will soon launch a comprehensive marketing campaign, and will continue to sell through all existing distribution channels, including tour operators, travel agencies, electronic media and direct-consumers.