Thunderbird Resorts Inc.

Thunderbird Resorts Inc.

March 27, 2011 13:23 ET

Update on Thunderbird-Peru

PANAMA, REPUBLIC OF PANAMA--(Marketwire - March 27, 2011) - Thunderbird Resorts Inc. ("Thunderbird" or "Group") (FRANKFURT:4TR)(EURONEXT:TBIRD) reports the following: As previously reported in Q4-2009, in order to reduce the Group's investment and related debt in "non-gaming" assets, the Group began to actively engage in selling four of our six Lima, Peru Thunderbird Hotels held by Thunderbird Hoteles Las Americas, S.A. ("THLA") that have no casino component. On 24 February 2010, the Group sold the Thunderbird Hotel Pardo for $8.4 million. On 16 November 2010 the Group sold the Hotel Carrera for $5.3 million. The net proceeds of each of the sales were used to pay down secured Peruvian sourced debt. THLA has now entered into a contract to sell the Thunderbird Hotel Principal (151 rooms) and the Thunderbird Bellavista Hotel (45 rooms) for $18.0 million. While there can be no assurances of closing, the Group has received a material deposit, and we expect to close the transaction during Q2-2011. The Group will continue to manage these hotels for a short transition period. The net proceeds from the sale will be used to pay down Peruvian related debt. The Group will continue to own the Thunderbird Hotels El Pueblo Hotel (235 rooms) and the Thunderbird Fiesta Hotel and Casino (66 rooms), which hotel houses our flagship Fiesta Casino with 427 slots and 208 table positions. The Group also continues to manage the Pardo (64 rooms) and Carrera hotels (99 rooms) under a fee based management contract for the current owners.


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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