-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 BasFkDXflQNSdbkqQWIsk2XSUPfpozPQJEwYANVKdy2iKg7/UEBZUBn+82D/qaAG
 PgsNc9DpiUinTrMdMv7Hpg==

<SEC-DOCUMENT>0000950103-09-002430.txt : 20091204
<SEC-HEADER>0000950103-09-002430.hdr.sgml : 20091204
<ACCEPTANCE-DATETIME>20090929144720
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950103-09-002430
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20090929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INTERCONTINENTAL HOTELS GROUP PLC /NEW/
		CENTRAL INDEX KEY:			0000858446
		STANDARD INDUSTRIAL CLASSIFICATION:	HOTELS & MOTELS [7011]
		IRS NUMBER:				250420260
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		BROADWATER PARK
		STREET 2:		DENHAM
		CITY:			BUCKINGHAMSHIRE
		STATE:			X0
		ZIP:			UB9 5HJ
		BUSINESS PHONE:		4045513500

	MAIL ADDRESS:	
		STREET 1:		BROADWATER PARK
		STREET 2:		DENHAM
		CITY:			BUCKINGHAMSHIRE
		STATE:			X0
		ZIP:			UB9 5HJ

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SIX CONTINENTS PLC
		DATE OF NAME CHANGE:	19950531
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<html>
  <head>
    <title> </title>

    </head>
    <body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 5%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5%; FONT-FAMILY: Times New Roman">
    <div>&#160;</div>
    <div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="top" width="80%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
              <td align="left" nowrap valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">New
      York</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Menlo
      Park</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Washington
      DC&#160;&#160; </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">London</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Paris</font></div>
              </td>
              <td align="left" nowrap valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Madrid</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Tokyo</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Beijing</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Hong
      Kong&#160;&#160;&#160;&#160; </font></div>
              </td>
            </tr>
        </table>
      </div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td align="left" valign="top" width="75%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><img src="logo.jpg" alt=""></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="75%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="55%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Thomas
      J. Reid</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="55%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
        </table>
      </div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td align="left" nowrap valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 8pt; FONT-FAMILY: arial">Davis Polk &amp; Wardwell <font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">LLP&#160;&#160;
      &#160; </font></font></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">450 Lexington
      Avenue</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">New York, NY
      10017</font></div>
              </td>
              <td align="left" nowrap valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">212 450 4233
      tel</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">212 701 5233
      fax</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">tom.reid@davispolk.com</font></div>
              </td>
              <td valign="top" width="80%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
            </tr>
        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">September
29, 2009</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">VIA
EDGAR</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">United
States Securities and Exchange Commission</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Division
of Corporation Finance</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">100 F
Street, N.E.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
D.C. 20549</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Attn:
Cecilia D. Blye</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td align="left" nowrap valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Re:&#160;&#160;
      </font></div>
            </td>
            <td align="left" valign="top" width="95%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">InterContinental
      Hotels Group PLC</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Form
      20-F for the Fiscal Year Ended December 31, 2008</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Filed
      on April 7, 2009</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">File
      No. 1-10409</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dear Ms.
Blye:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On behalf
of our client, InterContinental Hotels Group PLC (the &#8220;Company&#8221;), we are
submitting this letter in response to the written comments of the staff (the
&#8220;Staff&#8221;) of the United States Securities and Exchange Commission (the
&#8220;Commission&#8221;) contained in your letter, dated August 20, 2009 (the &#8220;Comment
Letter&#8221;), with respect to the above referenced filing on Form 20-F (the
&#8220;20-F&#8221;).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company&#8217;s responses are set forth below, with the headings and numbered items of
this letter corresponding to the headings and numbered items contained in the
Comment Letter.&#160;&#160;For the convenience of the Staff, the comments from
the Comment Letter are restated in bold italics prior to the Company&#8217;s
response.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">General</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">1.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">We
      note from your website that a new hotel in Syria, InterContinental
      Damascus, is scheduled to open in 2012. Syria is identified by the U.S.
      Department of State as a state sponsor of terrorism, and is subject to
      U.S. economic sanctions and export controls. We note that your Form 20-F
      does not include disclosure regarding contacts with Syria. Please describe
      to us the nature and extent of your past, current, and anticipated
      operations in, or other contacts with, Syria, whether through
      subsidiaries, joint ventures, or other direct or indirect arrangements.
      Your response should describe any equipment or services you have provided
      to Syria, directly or indirectly, and discuss
</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div align="left">&#160;</div>
        <div align="center">
          <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
              <tr>
                <td width="33%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Cecilia
      D. Blye</font></div>
                </td>
                <td width="33%">
                  <div style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2</font></div>
                </td>
                <td width="33%">
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">September
      29, 2009</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div>&#160;</div>
        <div>&#160;</div>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">whether
      you have agents or employees in Syria and any agreements, commercial
      arrangements, or other contacts you have had with Syrian government or
      entities controlled by that
government.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company is a global hotels group which operates through various
      subsidiaries and affiliates in approximately 100 countries and territories
      worldwide. Through its subsidiaries and affiliates, it franchises, manages
      and owns hotels under seven different brands. The Company does not have
      any agreements or commercial arrangements, or other contacts with the
      Syrian government, entities controlled by the Syrian government, or Syrian
      persons designated on U.S. or United Kingdom (&#8220;U.K.&#8221;) sanctions
      lists.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company&#8217;s past, current and anticipated operations in, and other contacts
      with, Syria relate principally to two planned hotels, an InterContinental
      and a Holiday Inn, both of which are in Damascus, and are described in
      detail below. Both hotels will be owned by third-party owners and the
      hotel operations will be managed by the Company in return for management
      and other fees, as described below. Neither hotel is operational, as both
      hotels are at the architectural stage and construction has not yet
      commenced. If the hotels are not constructed, the Company will not receive
      any management or license fees. In this case, damages may be payable,
      depending on the circumstances, but such amounts would be negligible
      within the context of the Company&#8217;s consolidated group
      revenues.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">InterContinental
      Damascus</font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      2007, the Company was approached by a privately-owned general contracting
      company that owns a number of hotels in the Middle East, in connection
      with the development and operation of a hotel in Damascus, Syria under the
      Company&#8217;s InterContinental brand. The hotel developer, which will own the
      hotel once constructed, is a Syrian company owned by a Kuwaiti
      fund.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      InterContinental Damascus project is at an architectural stage with no
      construction having commenced. The Company has been informed by the owner
      that it currently anticipates the completion date to be May
      2012.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company, through a U.K. subsidiary, entered into a Technical Services
      Agreement (&#8220;TSA&#8221;) with the owner in May 2007 to provide advice and
      technical services in connection with the construction of an
      InterContinental hotel in Damascus, Syria. The Company, through a U.S.
      subsidiary, entered into a Hotel Management Agreement (&#8220;HMA&#8221;) in April
      2008, pursuant to which such subsidiary of the Company or any other
      subsidiary of the Company to which the Company would elect to assign the
      HMA, would manage the hotel, such HMA to be effective once the hotel
      opens.<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: super"><a href="#ref.ID0EIFAE">*</a></font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">TSA</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the terms of the TSA, the Company, through a designated U.K.
      subsidiary, is currently providing technical services and advice for the
      construction of the hotel. The Company is acting as a consultant to the
      owner and provides the owner with the relevant
</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>&#160;</div>
    <div>
      <hr style="COLOR: #000000" align="left" size="1" width="20%">
    </div>
    <div>
    </div>
    <div style="MARGIN-LEFT: 36pt"><a name="ref.ID0EIFAE">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">*</font> This is
a standard method of documenting this type of deal in the hotel
industry.</font></a></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div align="left">&#160;</div>
      <div align="center">
        <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Cecilia
      D. Blye</font></div>
              </td>
              <td width="33%">
                <div style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3</font></div>
              </td>
              <td width="33%">
                <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">September
      29, 2009</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div>&#160;</div>
      <div align="left">&#160;</div>
      <div style="MARGIN-LEFT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">brand
standards and hotel technical specifications. Further, the Company reviews
technical drawings and advises the owner on the hotel&#8217;s functionalities to
ensure that the hotel will comply with relevant brand standards. The owner is
undertaking the hotel&#8217;s construction and no equipment or labor is provided by
the Company for the hotel&#8217;s construction.</font></div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      with most arrangements of this nature entered into by the Company,
      pursuant to the TSA, the Company is entitled to a technical services fee,
      in this case, half of which was paid on signing the TSA, a further 25% of
      which is payable when construction commences and the balance of which is
      payable on completion. The amount paid upon the signing of the TSA in 2007
      (being 50% of the TSA fee)&#160;&#160;represented substantially less than
      0.01% of the Company&#8217;s consolidated group revenues for that
      year.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">HMA</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the terms of the HMA, the Company will, initially through a U.S.
      subsidiary, manage the hotel on behalf of the owner. Although not
      identified at this stage, it is likely that the Company will decide to
      assign the HMA to another subsidiary of the Company. Once the hotel is
      opened during the term of the HMA, it may be necessary for the Company,
      acting on behalf of the owner through the hotel&#8217;s General Manager, to
      procure small operating equipment for hotel operations. All operating
      equipment required for hotel operations will be locally sourced and paid
      for by the owner.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Once
      the hotel opens and operations commence, pursuant to the HMA, the Company
      will receive: (i) a base management fee, (ii) an incentive fee and (iii)
      system assessment fees for: (a) the management of the hotel, (b) the use
      of the InterContinental brand and (c) participation in the Company&#8217;s
      marketing and distribution system. To date, no fees have been received by
      the Company under the HMA, as the hotel has not yet opened. If the hotel
      is opened, the Company does not expect that any revenues received pursuant
      to the HMA would be material to the Company&#8217;s consolidated group
      revenues.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company has not invested, does not intend to invest, and will not be
      required to invest, any of its own capital in connection with the
      construction or the future operation of the hotel, and will not own any
      interest in the hotel.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Holiday Inn
      Damascus</font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      2008, the Company was approached by a United Arab Emirates registered
      private construction group in connection with the development and
      operation of a hotel in Damascus, Syria, under the Company&#8217;s Holiday Inn
      brand. This construction group is the hotel developer and will own the
      hotel once constructed.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Holiday Inn Damascus project is at an architectural stage. The Company has
      been informed by the owner that it currently anticipates the completion
      date to be December 2011. Excavation works have started on the site,
      although structural work has not yet commenced. The Company believes
      construction may commence before the end of
  2009.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company, through the same U.K. subsidiary used for the InterContinental
      Damascus hotel, entered into a TSA with the owner in June 2008 to provide
      advice and technical </font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <div align="left">&#160;</div>
        <div align="center">
          <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
              <tr>
                <td width="33%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Cecilia
      D. Blye</font></div>
                </td>
                <td width="33%">
                  <div style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4</font></div>
                </td>
                <td width="33%">
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">September
      29, 2009</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div>&#160;</div>
        <div>&#160;</div>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">services
      in connection with the construction of the Holiday Inn hotel in Damascus,
      Syria. The Company, through a Hong Kong subsidiary, entered into a HMA in
      November 2008, pursuant to which such subsidiary of the Company or any
      other subsidiary of the Company to which the Company would elect to assign
      the HMA, would manage the hotel, such HMA to be effective once the hotel
      opens.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">TSA</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the terms of the TSA, the Company, through a designated U.K.
      subsidiary, is currently providing technical services and advice for the
      construction of the hotel. The Company is acting as a consultant to the
      owner and provides the owner with the relevant brand standards and hotel
      technical specifications. Further, the Company reviews technical drawings
      and advises the owner on the hotel&#8217;s functionalities to ensure that the
      hotel will comply with relevant brand standards. The owner is undertaking
      the hotel&#8217;s construction and no equipment or labor is provided by the
      Company for the hotel&#8217;s
construction.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      with the InterContinental Damascus hotel and, pursuant to the TSA, the
      Company is entitled to a technical services fee, half of which was paid on
      signing the TSA, a further 25% of which is payable when construction
      commences and the balance of which is payable on completion. The amount
      paid upon the signing of the TSA in 2008 (being 50% of the TSA fee)
      represented substantially less than 0.01% of the Company&#8217;s consolidated
      group revenues for that year.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">HMA</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the terms of the HMA, the Company will, initially through a Hong Kong
      subsidiary, manage the hotel on behalf of the owner. Although not
      identified at this stage, it is likely that the Company will decide to
      assign the HMA to another subsidiary of the Company. Once the hotel is
      opened and during the term of the HMA, it may be necessary for the
      Company, acting on the behalf of the owner through the hotel&#8217;s General
      Manager, to procure small operating equipment for hotel operations. All
      operating equipment required for hotel operations will be locally sourced
      and paid for by the owner.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Once
      the hotel opens and operations commence, pursuant to the HMA, the Company
      will receive: (i) a base management fee, (ii) an incentive fee and (iii)
      system assessment fees for: (a) the management of the hotel, (b) the use
      of the Holiday Inn brand and (c) participation in the Company&#8217;s marketing
      and distribution system. To date, no fees have been received by the
      Company under the HMA, as the hotel has not yet opened. If the hotel is
      opened, the Company does not expect that any revenues received pursuant to
      the HMA would be material to the Company&#8217;s consolidated group
      revenues.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company has not invested, does not intend to invest, and will not be
      required to invest, any of its own capital in connection with the
      construction or future operation of the hotel, and will not own any
      interest in the hotel.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Employees</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div align="left">&#160;</div>
    <div align="center">
      <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Cecilia
      D. Blye</font></div>
            </td>
            <td width="33%">
              <div style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">5</font></div>
            </td>
            <td width="33%">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">September
      29, 2009</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company currently has no employees working in or based in Syria. Certain
      of the Company&#8217;s employees have visited Syria to finalize the terms of the
      agreements for both hotels and to provide advice under the
      TSAs.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ten
      to twelve months prior to the anticipated opening date of each hotel, the
      Company intends to recruit and employ a General Manager to run each hotel.
      Each hotel&#8217;s General Manager will be based in Syria. With the exception of
      the General Manager, all of the employees of the hotels will be employed
      by the respective owners.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company currently has no agents acting on its behalf in
    Syria.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Other</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company is currently exploring the possibility of some additional hotel
      leads in Syria. These discussions are at a very early stage and may or may
      not lead to the signing of agreements. If agreements are signed, they are
      likely to have a similar structure to those referred to above, but at this
      stage it is too early to anticipate the terms of any hotel operations, or
      even whether or not the transactions will proceed to signing. These
      discussions do not involve the Syrian government, or Syrian persons
      designated on U.S. or U.K. sanctions
lists.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">2.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">You
      state on pages 18-19, 30-32, and elsewhere in the Form 20-F that you
      operate in the Americas, the Middle East, and Africa, regional references
      generally understood to encompass Cuba, Iran, and Sudan. We note that the
      20-F does not include disclosure regarding any contacts with those
      countries. Please describe to us the nature and extent of any past,
      current and anticipated contacts with Cuba, Iran and Sudan, whether
      through subsidiaries, affiliates, or other direct or indirect
      arrangements. With respect to any such contacts, provide the same type of
      information requested in the foregoing comment regarding contacts with
      Syria.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company does not have any past, current or anticipated contacts with Cuba,
      Iran or Sudan, whether through subsidiaries, affiliates, or other direct
      or indirect arrangements.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">3.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Please
      discuss the materiality of any contacts with Cuba, Iran, Syria and Sudan,
      and whether those contacts constitute a material investment risk for your
      security holders. You should address materiality in quantitative terms,
      including the approximate dollar amounts of revenues, assets and
      liabilities associated with Cuba, Iran, Syria, and Sudan for the last
      three fiscal years and any subsequent period. Also, address materiality in
      terms of qualitative factors that a reasonable investor would deem
      important in making an investment decision, including the potential impact
      of corporate activities upon a company&#8217;s reputation and share value. As
      you may be aware, various state and municipal governments, universities,
      and other investors have proposed or adopted divestment or similar
      initiatives regarding investment in companies that do business with
      U.S.-designated state sponsors of terrorism. Your materiality analysis
      should address the potential impact of the investor sentiment evidenced by
      such actions directed toward companies that have operations associated
      with Cuba, Iran, Syria, and Sudan.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div align="left">&#160;</div>
    <div align="center">
      <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Cecilia
      D. Blye</font></div>
            </td>
            <td width="33%">
              <div style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">6</font></div>
            </td>
            <td width="33%">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">September
      29, 2009</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      indicated in response #2, the Company does not have any past, current or
      anticipated contacts with Cuba, Iran or Sudan, whether through
      subsidiaries, affiliates, or other direct or indirect
      arrangements.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      agreements referred to in response #1 are immaterial within the context of
      the Company&#8217;s consolidated operations, and the Company believes they do
      not constitute a material investment risk for the Company&#8217;s security
      holders.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      assessing the materiality of the Company&#8217;s contacts with Syria (discussed
      in response #1), and whether those contacts pose a material investment
      risk to the Company&#8217;s security holders, the Company considered both
      quantitative and qualitative
factors.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company&#8217;s assessment of quantitative factors included consideration of the
      impact of the Company&#8217;s contacts in Syria in the context of revenues,
      assets and liabilities. The Company has no assets or liabilities
      associated with Syria.&#160;&#160;Total revenues actually generated from
      the TSAs in respect of both hotels in 2007 and 2008 were less than
      US$100,000 and US$150,000, respectively, which represented substantially
      less than 0.01% of the Company&#8217;s consolidated group revenues for each of
      2007 and 2008. The total amount of fees the Company is entitled to under
      the TSAs, assuming the hotels are constructed, represents 0.02% of the
      Company&#8217;s consolidated group revenues for 2008. Accordingly, the Company&#8217;s
      contacts in Syria are not material to the Company&#8217;s results of operations
      or financial condition.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company has not received any revenues to date in 2009 and it is not yet
      certain whether any revenues will be generated in 2009. A regular income
      stream for either hotel could only be predicted once the hotel is
      constructed and operating which, at this stage, is still uncertain. Even
      if the Company receives future revenues from these hotels, it does not
      expect that such revenues would be material to its consolidated group
      revenues.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      InterContinental Damascus hotel and the Holiday Inn Damascus hotel, once
      completed, would represent only two of the 4,303 hotels in the Company&#8217;s
      global system as of June 30, 2009. Further, the 617 total rooms that are
      expected to comprise the two hotels, would represent only approximately
      0.098% of the approximately 629,700 total rooms at the Company&#8217;s various
      hotels franchised, managed or owned around the world as of June 30,
      2009.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company&#8217;s assessment of qualitative factors included consideration of the
      potential impact of such contracts upon the Company&#8217;s reputation and share
      value. The Company does not believe that operating hotels in Syria would
      have a negative impact on the Company&#8217;s reputation and share value. The
      Company is not the first international hotel operator to operate in Syria
      and several other global hotel groups currently operate in
      Syria.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      addition, the Company notes that &#8220;U.S. persons&#8221;, as defined in U.S.
      economic sanctions regulations, are not prohibited from making investments
      in, or exporting services to, Syria. Therefore, the activities of a U.S.
      subsidiary of the Company related to the InterContinental Damascus hotel
      described above do not violate U.S. economic
</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div align="left">&#160;</div>
      <div align="center">
        <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Cecilia
      D. Blye</font></div>
              </td>
              <td width="33%">
                <div style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">7</font></div>
              </td>
              <td width="33%">
                <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">September
      29, 2009</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">sanctions.
      Further, the Company&#8217;s and its subsidiaries&#8217; activities in Syria have been
      conducted in compliance with all applicable
  laws.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company&#8217;s plans regarding the InterContinental Damascus hotel and Holiday
      Inn Damascus hotel have been publicly disclosed by the Company on its
      website. To the knowledge of the Company&#8217;s management, no question or
      comment has been raised regarding the Company&#8217;s management of the hotels
      at any of the Company&#8217;s shareholders&#8217; meetings, on any investor call or
      presentation or via a communication to its Investor Relations
      Department.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company&#8217;s assessment of quantitative and qualitative factors also took into
consideration the views of the Commission set out in Staff Accounting Bulletin
No. 99 &#8211; &#8220;Materiality&#8221; and in particular concluded that the financial impact of
the contracts in Syria: (1) did not mask a change in earnings or other trends,
(2) was not expected to materially impact analysts&#8217; expectations, (3) did not
change a loss into income or vice versa and (4) had no effect on management&#8217;s
compensation.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For the
foregoing reasons, the Company believes that security holders agree with its
assessment that the planned hotels in Syria and the Company&#8217;s contacts with
Syria are not material and do not constitute a material risk.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notwithstanding
      the foregoing, in the event the hotels in Damascus are opened while Syria
      continues to be designated as a state sponsor of terrorism and to be the
      subject of U.S. economic sanctions, to the extent the Staff believes it
      would be helpful to security holders, the Company would be willing at that
      time to include disclosure in its 20-Fs that the Company manages two
      hotels located in Damascus, Syria, a country that is on the U.S. list of
      state sponsors of terrorism and that is subject to U.S. regulations
      (including prohibitions on dealing with specified entities) and sanctions
      (including export sanctions and ineligibility to receive most forms of
      U.S. aid).</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We thank
you for your prompt attention to this letter responding to the Comment Letter
and look forward to hearing from you at your earliest convenience. Please direct
any questions concerning this response to the undersigned at (212)
450-4233.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td align="left" valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a name="dpw_closing">Very truly yours,</a></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">      </font>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">p.p.
      Connie Milonakis</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a name="dpw_closing_username">Thomas J.
Reid</a></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <div>
        <hr style="COLOR: #000000" align="left" noshade size="2" width="100%">
      </div><br></div>
    <div><br><a name="ref.ID0EIFAE">&#160;</a></div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 logo.jpg
M_]C_X``02D9)1@`!``$`8`!@``#__@`?3$5!1"!496-H;F]L;V=I97,@26YC
M+B!6,2XP,0#_VP"$``("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("
M`@("`@,#`@(#`@("`P0#`P,#!`0$`@,$!`0$!`,$!`,!`@("`@("`@("`@,"
M`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`__$`:(```$%`0$!`0$!```````````!`@,$!08'"`D*"P$``P$!
M`0$!`0$!`0````````$"`P0%!@<("0H+$``"`0,#`@0#!04$!````7T!`@,`
M!!$%$B$Q008346$'(G$4,H&1H0@C0K'!%5+1\"0S8G*""0H6%Q@9&B4F)R@I
M*C0U-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H.$A8:'
MB(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7
MV-G:X>+CY.7FY^CIZO'R\_3U]O?X^?H1``(!`@0$`P0'!00$``$"=P`!`@,1
M!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:)B<H
M*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H*#A(6&
MAXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76
MU]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_``!$(`!X`F0,!$0`"$0$#$0'_V@`,
M`P$``A$#$0`_`/U0\5?M/P>%O$NN^'6\%37AT/4[O33=C7X[=;@VLAC,P@.D
M2>2&QG;O?'J:]2EECJ4X5%6Y>9)VY-KJ_P#,CQZV;*C5G2]A?DDXWY[7L[;<
MCM]YA0_M>V!D59?`MW'%GYVA\0P32*.Y2)])B5S[&1?K5_V2UM75U_<M_P"W
M$+.8W5\,XK_'M\N1'T#\/OBGX3^(]O,VA7,T%_:(KWNCWZ);ZC:HQ"B81I(Z
M3VQ<[?-B=U!(#;2P!X*^%JX5KG7N])+;]+/R9Z.&Q='$I^R;C*.\7HU?KIHU
MYKYV/2*YSJ"@`H`*`/%?BU\88_A7+HL3^'9=<_MB.^D#1:D-/%M]B:W4@@V%
MQYF_[1_LXV=\\=F$PGUE3:J>S]G;I?>_FK;'!C,:L$Z:]ES<]_M<MK6_NON>
MJZ%J@UK1-'U@0&U&JZ78:D+8R>8;<7UK%<B$R;$\PIYNW=L7.W.!G%<TX>SG
M.%[^SDU?;9VVZ'93GSTX3MR\\5*W:ZO;H:M06(QVJS8^Z"<=.@SB@#XW?]KJ
MV1W3_A`9_D=DS_PDD8^ZQ&<?V'QG%>Q_9+_Y_P#_`))_]L>'_;23M]7_`/*G
M_P!H:.D?M;>'KB[CAUCPGJ>E6K,%>[L]1M]5,`)P9);8VMH^P=3Y9=L`X4GB
MIEE-2*?LZJDUT:Y?QNRX9Q3NE.C*FNZE?\+1_,^JM,U*PUC3[/5-+NHKS3[^
MWCNK.Z@;,4T$JAD=3P1P>5(!4@A@""!Y<HRIR<)+EE%V:[,]>$XSC&4'>,E=
M-=F7JDHY?QIXE7P=X6UKQ,UF;]='M/M1LEG%J9_WL<7EB<Q2B+_69SY;=.G-
M:T:7M:L*2?+S.U[7MUVT,:]7ZO1G5Y;JFKVO;KWL[;]CQG2OV@X=3\`^)?'(
M\)RP)X<U/3]..F'6D=KLW[0*)A=C3%$`3S_N^2^[;U&>.R67N%>G0]K_`!$W
M?EM:WES?J<,,R4L-5Q'L;*E*,>7F[];\JMOV9Z+\+?B&GQ+\.3>((])?15AU
M.YTW[(]ZM\2;>*WE\[SEM;<`-]HQMV<;>ISQSXK#_5:BI\_-HG>UMV^EWV.K
M!XE8JDZBA[.TN6U[]$[WLN_8])KF.H*`/R_\4QQR_'C5(9HTEAD^),4<L4B*
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MEYGV]K>.2:*WM;&`Q2YFF,FX0EAM!`/#1P-&%!5\3)Q32=EI9/:]M;N^RMN>
ME6S"L\1]6PD$VI.-WNVKWM=I)*SWOMT.=USXO_''X8ZKIL?C[2]"O;*_5Y8X
MH(K>-;F&)D6Y2UO].FVPW48D3Y98G'[Q25*G-73P>"Q,)?5Y2BX^NE]KI]'Y
M6]3*KC<=@YP5>$7%^27K9QV?W[[,VM=^/GBO0/B!HVGW$&D'P7K8\/ZO9W#V
M,\6H_P#".Z_!;S+(TXO#&+FW,LR,PC()MSQS4T\!2GAYR7,JU/GBU?3GBVMK
M;/\`4NIF-:EB:<;15"?)):-2Y)I/>]KJ[Z:V/7?C;\2+SX;>%;74=(6SEUC4
MM3@LK".]C>:W\E8Y+F\G:**6-G588U0$.`&G0\UR8+#*O5<974()MVT?9?UY
M';C\4\'14H6YY2M%-77=NR:]/F>%^*_C7\0=$\'^`]=O+#PO)?\`BN'6[YH;
MC2)Y(H+"WGM8].,*-?91I87>9CN(82QX`QSW4L%AW5KTXN<8TG%*TK:M-OIT
M>AYU;'XFG0PU1QI\U7F=G'1)-*-ES=5KYZ'6?$;X]:OX1T7P;8:)IVGS>)?$
M/AG2-;O)YXY/[/TY=1MX_+BM;..53)+).)MJO*%C15SO+?+CA\!"I.LY2:I4
MYRBDMW9]7]W34WQ.8SH4Z$:<5[6I3C-Z:1YET5^NOIIH[G.:YX^_:0\"6-MX
MB\3Z5H-QHSS0)/"EM9R^0T_,<-U_9ET)[4N3L#_.H8@$DD`Z4\/E]:3I4I2C
M-7MJU\U=6,ZF(S+"QC4JPCR:75HZ7Z/E::^^USZ<\"^,;7QUX2T_Q):6\EE]
MLBFCN;*4DO9WMNSPW5ON*KYB+(I*/M&Y&4X!)`\VO1>'JRI-_#L_)ZI_YGJX
M>O'$48U8KEO=-=FM&O\`)]4?!?[/<VF6_P`4%?5I;""S&EZT&?47MXK82,8_
M+!:Y(0.3G'?KBO=S!2^K6@G?FC\-[_@?.98X+%WFXQCRR^*R6WF>M_M+W7P[
MF\.Z6FDR:!/XJ&J1/`VC-9272::89Q>_;7L2<6[/Y&Q93DO@H.&KDRU8B-27
M,I1I<NTKI7NK6OUWVZ';FSPOLH\G)[52TY+7M9WO;I>UK_+J87A#XPO\+?@]
MX>M%LUU+Q#JU[K=QHMG=/(EI9:.E\T8O[OR\2-;O>"Z6*)"ID*2'>JIDZ5L&
ML3C*C3Y*<%%2:W<K;+SM:_;0SH8WZG@:<>6]23DXIZ)1O:[V?Q<UEI?74M3_
M`!*_:3TS25\77_AVT7PZ$2\=9=&ME2.SDPRRSVT-Z-0MK8HP/FN!A6#,<<U*
MPV7.?L8U'[3;23W\G;EOZ%/%9G"'MI4OW2L_A5K>BM)+UMZG<:G\4M/^)WP/
M\>WD5L--UC3-+C@U?3!+YJPO-/`T%U;2$`R6<^R7:6`96B=&SM#-C'"RPF-H
M1O>#=XO;IJGYK\;G1/%QQ67XAQ7).$4I1[7:LUY/7YI^K\#\*_\`)`/B9_V,
MWA[_`-&6%=]7_?\`#?X)_J>91_Y%F*_Z^0_-'J?P:^(.A_#CX,ZAK&KOOGD\
M3ZK#I>EQ.JW>IW@LM.*PPJ?N0KD&68@K&O)RQ56Y<9AYXC&1A!<J4%S/915Y
M?TEU.W`XFGA,#*<]^=\L=FWRQ_#N_P!=#T[X,>-/B9\03<Z_XAM-'TCPI&73
M3DM].N8[O5IW:13]EN)[UMME:[0'F,1\UV"I]V0KRXRCAL-:G2<G5ZZJT5YI
M):OM?3[CKP-?%8B]2HHTZ*^%*+3D_)W>BZNV^G>WT'7`>D?F#XE(7X]ZB20J
MK\3(22Q"JH&N0$DDX"@#G)KZ:EI@8^5'_P!L/DJW_(Q?_7__`-R'Z47NNZ)I
MMM->7VK:;9VMNC233W%[;Q11HH+,2S2#L#P.3T`S7SD:<VU&,'?HDF?52J4X
M)N4XQC'JVE8_.F\NU^*OQXANM&C=K'4O$FGFWD\ME/\`8^BI;K-?2)C,:-:6
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M"*TT_3-4LK6,<!(+5-+@B4`>D:**Y\KDY?6)/>4DWZOF9UYQ%4UA815HPBTE
MV2Y4;'C3P5X"\::+\/K>Z\;Z9X6\;P>#O"]A!:7K+(FH6UW86SV$,]MO1XW,
MTSB.6-CD2%65L#;%&M7P\\1RT)5*/M)NZTY6F[Z[>J_$NOA\-7IX9.O&C75*
MG%)]4TK::6WT?GJF<OKVE?'_`.#NEG4?^$G75O#%@T$#L;F/6+*VCED6&!)]
M.UFW\^"%I&C0&'(4NOS+D&M:<L!BY<JI<E1Z[<K?5V<7;[]S*I#,<##F]IS4
MHM+?F5NFDEIKIHM--3Z<^#WCR7XA>"5UBZL+?3[^UN[K3;^*S4I9RW-O%%)]
MJMD))B26*>,E"S%6##)&*\W%T%AJW)&3<6DU?=)O9_UJ>K@<1]8P_.XJ$HMQ
M:6BO9.Z];_>?`7PR\!V_Q&\9'PS<ZA+I<3VVI7OVJ"WCN9%:T96">5*Z+ABY
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M3?\`"O\`R0#XF?\`8S>'O_1EA45?]_PW^"?ZET?^19BO^OD/S1YO:>!?$VH>
M"M0\;V\(E\.Z+J"Z?,HF+SQ/,(VN;J*U`(2UC>2T660[23,IP5C8KT.O2A6C
M0?NU)*ZTLO+7N];'+'#5GAY5XK]U3E;?ON[=M5?;?UM^@7P*^(-KXY\&V\!C
M@M=8\-1VNEZK9V\2P0A1$RV%[;PQ@)%!<PP2?(H`62"90`H7/@X[#O#UF]>2
MI=Q;W\T_--_--'TN78F-:A%:1G22C)+1?W7;I=+[T^A[57$=Y\=^,/V8]9\2
M^*O$/B*#Q9IEE%K6K7FI16TFFW3RVZ74ID6)Y$N5#.H."P`%>O1S*%*E3I^R
M;<(I7NNB/$KY3*I6J5%54>:3=K/JV_U,"/\`9'UHNJS^-].$61N*:1=RNH]5
M22^52?JPJ_[5@MJ+_P#`DOT,_P"Q9K_E^HV_NO\`S7YGT1\,_@YX9^&4<UQ8
MM-JFMW<7D76M7J1I-Y!8,UM9V\>4L[=F52RAG9RJ[W8*`.#$XNIB+)^Y".T5
M^;?5GI83`TL&GR:S>CD]-.R71?>WW/'-6_9R\4Z1XKN?$GPV\96V@_:+BYGB
MBN_MEK<Z>EX[/<6D5Q:0W"WEKEB`DL2?*%#;BNX]<,PI.DJ6(HN7*DM+-.VS
MLVK/T.*65U:59U<+65/5M)MJR>Z]U.Z^[SON1:_^S3XK\3);ZCKWQ(?5O$19
MH[JYO[&>6RALE7,-M8QK.KIME+L3MC4[N(P<EBGF-*C>-/#^SIK9)I._5O\`
MI^H5<JJU;2J8GFJ>:=DNRZ]^R\M[^\7?P_.I_"V/X=ZG=V\DT?ANST5=1B@<
M0)=Z=!"EC?)`[[P$FMH)"N[/#`'FN)5^3%.O!.*YW+EOK:3U7S39WO#<V$6%
MDU>,%%.VETM';U29Y/\`"S]G>X\!>+;;Q-JNO6.KBPM+M+*UMK":V,=[=((!
M<N\T[C:EN]P``N=TBG(V\]6)S!5J3I0@X7:NV^F]M.[L<>$ROZM655S4N1.R
M2M9O2_W-G5?&?X/ZA\49=`DL=;L]'&C1:A'(+JSFN3,;UK5E*&&9-@7R&SG.
M=P]*RP>+CA%43@Y<]K6=K6O_`)F^.P,L6Z3C-4U3ONN[7;T_$S/'/[/UEXPT
M?PR(-8_LKQ/X<T'3-$_M2.U:2SU*'3K>.*/[1;B9)(2DJR/'*DA9!)M8.`-M
M4,?*C.I[EZ=24I<M[-<SUMT]>Y%?+8U:=*T^2K2A&/-;27*NVC76SUWU3T.'
MOO@1\8/$5M#HOBGXHVUWH$$D3"#?J=Z["+_5O+;2V]L+B5`?E\ZXEP><YYK>
M.-PE)N5+#.-1^48_=9NWR1A++\94BJ=7$KV<=M9/;NFE?[SZ2\#>"-*\`>&;
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M@;?LZ?%*YLX_#M[\3(&\+1%%2Q^U:Y<1+%&V45=)EV0`+@%8S<%0>F,5WK,,
M+%^TCAFJG>T5O_>WU]#SO[+Q7*J3Q/[F.RYIZ?\`;ME'Y7T[GLEI\%-)T/X:
M>(/`>@7GE7OB"W"W^O7T.^6YNP\1666"%ALMXT1EC@1L('8Y9F9FXWC)RQ%.
MM-65-Z16EEK^+OJSNC@(4L+4P]-\KJ+63[W[+9=EYWU;9Q>C_L_:KI?PX\5>
M!F\2:?)<^(=5TW48;];"Y2"U2Q:W9XI(#<%I&?R3@A@!N&0:VECXO$4JWLW%
M4XR5KK[5_P#,YX99*&%JX?VBO4E&5[-)6:O]YZ/\+OAB?`G@S4/"&LW=GKL&
MI7VH3W/EVLD%O+:7]K;VTEK)%+(Y.4B?)R.'XZ5SXG$^VK1JPBZ;BDEKLTV[
MZ>IU83"?5J$J$VIQDVVK65FDFOP.%^'WP-U_X;>-)M<T3Q79R>'[F2>VN]%N
M;*Y$]SI,DC/;123I<;#?6K%&2;9@E7!`65A6V(QM/$453E2:J1LU)-64NNG9
C]O\`(PPV7SP==U*=5>S;:<6FO=>WE=::]_)M'TM7G'J'_]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
