Thunderbird Resorts Inc.

Thunderbird Resorts Inc.

February 25, 2010 13:04 ET

Update on Peru-Sale of Thunderbird Hotel Pardo

PANAMA, REPUBLIC OF PANAMA--(Marketwire - Feb. 25, 2010) - Thunderbird Resorts Inc. ("Thunderbird" or "Group") (FRANKFURT:4TR)(EURONEXT:TBIRD) reports the following: the Group's Peru subsidiary, Thunderbird Hoteles Las Americas ("THLA"), owns and operates six hotels in Lima, Peru (the "THLA Hotels"). As previously reported, in order to reduce the Group's investment and related debt in "non-gaming" assets in the fourth quarter of 2009 the Group began to actively engage in selling four of the six THLA hotels that have no casino component. These four hotels are the Thunderbird Hotel Principal, Thunderbird Hotel Pardo, Thunderbird Hotel Bellavista, and Thunderbird Resorts El Pueblo. On 24 February 2010, the Group closed on the sale of the Thunderbird Hotel Pardo for approximately $8.4 million. Thunderbird Hotel Pardo has 64 rooms and is located in the busy district of Miraflores, just minutes from Lima's financial district. The Group entered into a one year hotel management agreement with the new owner of the Thunderbird Hotel Pardo, in conjunction with the sale transaction. The total $8.4 million net sale proceeds (after certain taxes and closing costs) will be used to pay down secured Peruvian sourced debt related to the Thunderbird Hotel Pardo. The Group continues to pursue the sale of the Thunderbird Hotel Principal, Thunderbird Hotel Bellavista, and Thunderbird Resorts El Pueblo hotel properties as previously announced.

We are an international provider of branded casino and hospitality services, focused on markets in Central and, South America, Southeast Asia and India. Our mission is to "create extraordinary experiences for our guests." Additional information about the Group is available on its World Wide Web site at

Cautionary Notice: This release contains certain forward-looking statements within the meaning of the securities laws and regulations of various international, federal, and state jurisdictions. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential revenue and future plans and objectives of the Group are forward-looking statements that involve risk and uncertainties. There can be no assurances that such statements will prove to be accurate and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Group's forward-looking statements include competitive pressures, unfavorable changes in regulatory structures, and general risks associated with business, all of which are disclosed under the heading "Risk Factors" and elsewhere in the Group's documents filed from time-to-time with the NYSE Euronext Amsterdam and other regulatory authorities.

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