Hard Rock Cafe International and Sol Meliá SA Join Forces To Develop Hard Rock Hotel Properties.

Hard Rock Cafe International today announced it has entered into a 50:50 joint venture agreement with the world's largest resort hotelier – Sol Meliá SA – to exclusively develop, manage and franchise Hard Rock Hotel properties worldwide. The new JV will provide hotel owners a unique proposition to access the Hard Rock Hotel brand through long-term management and/or franchise agreements.

The intent of the Hard Rock Cafe International/Sol Meliá JV is to develop, market and manage new 4 and 5 star quality properties worldwide in both resort and urban locations. Under the terms of the JV, Sol Meliá will contribute 3 properties within the next 4 years and Hard Rock Cafe will contribute the management contract for its 381 room Hard Rock Hotel Chicago which is scheduled to open November 2003.

Under the joint venture, Hard Rock Cafe International will oversee the conceptualizing, design and branding of the hotels while Sol Meliá will serve as the management entity and also oversee the sales, marketing and distribution operations.

Hard Rock Cafe International has also entered into a separate development and finance agreement with Becker Ventures LLC ("Becker) -- the majority owner of the Hard Rock Hotel in Chicago – to fund 50% of all Hard Rock Hotel development costs up to $1 billion per year.

"By combining the worldwide recognition of the Hard Rock brand with Sol Meliá's proven hotel management and distribution experience, we believe that we have established a strong platform upon which to build a substantial hotel business," said Mike Smith, Rank Chief Executive.

"This is an exciting development for Sol Meliá. Both Sol Meliá and Hard Rock Cafe International are committed to establishing a sizeable portfolio of Hard Rock Hotels and believe we have an excellent opportunity to expand upon this exciting new hotel concept," said Sebastian Escarrer, Executive Vice Chairman and Chief Executive Officer of Sol Meliá.

Other existing Hard Rock Hotel properties currently operate under license including Orlando, Pattaya and Bali. There is also a Hard Rock Hotel and Casino in Las Vegas owned and operated by Hard Rock Cafe co-founder Peter Morton. Three additional locations are in various stages of construction including one in Chicago and one each in Tampa and Hollywood -- both of which are linked to casino developments with the Seminole Indian Tribe of Florida.

The JV will not affect the other existing Hard Rock Hotels and the two currently under development in Florida.

Sol Meliá is the largest resort hotel group in the world with a total of more than 350 hotels in 30 countries under its Meliá Hotels, Tryp Hotels, Sol Hotels and Paradisus Resorts brands.

For more information on Hard Rock Cafe, visit www.hardrock.com. Hard Rock Cafe, one of the most globally recognized music, entertainment and dining brands, has a network of more then 100 signature Hard Rock Cafes in 40 countries and a music memorabilia collection valued at nearly $32 million. Hard Rock Cafe is also known for collectible and fashion merchandise, live concerts, Hard Rock Live performance venues, the Hard Rock Records music label, hardrock.com and Hard Rock Hotels and Casinos. Hard Rock Cafe International, Inc. is a wholly owned subsidiary of London-based The Rank Group Plc.