21/07/2008 Losan Hotels World (http://www.losanhotelsworld.com/) and the Hotusa Group (http://www.hotusa.com/) have acquired the Residenza Cannaregio, a hotel with charm set in an ancient 17th century monastery, in one of the most old-world areas of Venice.

The operation has been effected by way of a joint venture agreement, in which Losan Hotels Value Added I, S.L. participate with 75 % of the capital and the HOTUSA GROUP with 25% of the total value. This is the second time that the property investment company chaired by César Losada, together with the tourist group under the leadership of Amancio López Seijas, carries out an operation of this kind, following the joint acquisition in April 2007 of the Dylan Hotel in New York. Moreover, the Hotusa Group operates four more hotels belonging to Losan in Brussels.

The Residenza Cannaregio, an establishment that will be included in the Eurostars Hotels chain, is a modern hotel ser in an age-old monastery dating from the 17^th century, later used as an “Squero”, or gondola workshop. Completely restored in 2003, the establishment enjoys a privileged location in one of the most charming spots in Venice. Amongst other features, it has 66 guestrooms, 39 of which are suites, an elegant restaurant and various conference rooms for staging small-scale meetings.

With this operation, Losan continues its growth plan with the objective of investing 1,600 million € in the acquisition of the best hotels in the nerve centres of the major hotels in Europe and N. America. The funds come from the main savings banks in Spain and important investors.

On the other hand and following acquisition of the Residenza Cannaregio, the Hotusa Group directly operates a total of 85 establishments, of which 50 belong to the Eurostars Hotels chain. This division is currently in the throes of an expansion phase that contemplates the inclusion of more than 20 new establishments up to 2010.

The corner stone of this process will be the opening, in October 2008, of the Eurostars Madrid Tower*****, an establishment comprising 474 guestrooms, that will occupy 33 floors of the SyV Tower, 235 mts. in height and which forms part of the Cuatro Torres business complex, built on the site of the former Real Madrid Sports Club, on the famous Castellana avenue. In 2007, turnover for this business line was 198.5 million €, 28% over that of the previous tax year.