PALMA DE MALLORCA, Spain, May 4, 2011 Paradisus Resorts, the five star all-inclusive luxury hotel brand owned and operated by Sol Melia Hotels & Resorts, announced today the development of a new property in Papagayo Bay, Costa Rica, scheduled to open in July 2013. The new build, aptly named Paradisus Papagayo Bay and constructed in partnership with SunVesta Holding AG a Swiss based Private Equity, Consulting and Development group, represented by their subsidiary Richland Investments Ltd. and their Costa Rican partner DIA S.A., supersedes the former Paradisus Playa Conchal in Guanacaste operated by the brand until April 30th, 2011.

Located on the Northern Province of Guanacaste, in the Papagayo Fishing Bay, Paradisus Papagayo Bay is being developed on 21 hectares of dramatic landscape, complying with all five star resort specifications. The 381-room eco-luxury resort's design cascades to the beach below on one of the world's most stunning bays. Featuring breathtaking views from virtually any location on the property, its five restaurants and five bars will provide guests with multiple settings in which to enjoy food and beverage while admiring the region's natural beauty. The resort will boast many of Paradisus' brand assets including a YHI Spa and Health Club, the renowned adults-only "Royal Service" level of accommodations and the "Family Concierge" program. In addition to amenities that cater to the leisure guest, Paradisus Papagayo Bay will also feature 19,000 square feet of meeting facilities with the business traveler in mind.

The introduction of Paradisus Papagayo Bay Guanacaste fishing to the Costa Rican market is the ideal opportunity to continue elevating Sol Melia's portfolio, while embodying the vision of our brand as a hospitality leader in the luxury all-inclusive sector. We had tremendous success as pioneers with Paradisus Playa Conchal and the superior product Paradisus Papagayo Bay brings to the region will continue the brand's successful development of Guanacaste as a luxury destination.