SOL MELIA ANNUAL REPORT 00 COMP

TANGIBLE FIXED ASSETS
In case of merger, or non-monetary contributions of activities, in accordance with the norms on formulation of consolidated
annual accounts, the difference between the book value of the participation in the absorbing company and the net book
value of such participation according to the books of the absorbed company may be attributed to the corresponding assets
and up to the limit of their market value. For this reason, Sol Meliá, S.A. has recorded as additions for the year the surplus
recorded in several hotels as a result of the merger with Inmotel Inversiones, S.A.for an amount of Ptas. 5,157 million, of
which Ptas. 2,745 million correspond to Meliá Lebreros, Ptas. 1,748 million to Meliá Sevilla and Ptas. 664 million to Sol
Elite Barbados.
The main tangible fixed assets additions recorded during the year are as follows:
• Incorporation to the consolidated Group of the companies that own the eight hotels acquired in France in November
1999 for a net value of Ptas. 12,681 million.
• Acquisition of the hotels Fénix and Colon for Ptas. 7,749 and 3,343 million, respectively.
• Acquisition of building sites of tourist interest in the Canary Islands, the purchase value of which is of Ptas. 1,050
million in case of execution.
• Incorporation of Azafata, S.A., owner of Hotel Azafata for Ptas. 800 million.
• Incorporation of Caribotels de México, S.A. de C.V., owner of Hotel Paradisus Cozumel for Ptas. 6,800 million.
• Incorporation of Sol Melia Benelux, B.V., owner of Hotel Melia Avenue Louise for Ptas. 1,450 million.
• The main tangible fixed assets disposals recorded during the year are as follows:
• Sale of Hotel Sol Las Olas, located in Corralejo-Fuerteventura, the selling price of which was Ptas. 2,300 million.
• Sale of Hotel Sol Bardinos, located in Gran Canaria-Las Palmas, the selling price of which was Ptas. 1,400 million.
• Sale of Hotel Melia Bavaro, located in Playa Bavaro-Santo Domingo, for 55 million of US-dollars.
The Company is also carrying out important repairs and refurbishments in many of its hotels, which has given rise to
important additions and disposals of tangible fixed assets.
The sales of Hotel Sol Las Olas and Hotel Bardinos are subject to the fulfilment by Sol Meliá, S.A. of certain requirements
which are being processed on the formulation date of these annual accounts. The directors do not expect that any significant
contingencies will arise from this transitory situation.
After the integration of the Tryp Hotel Chain, the Group operates under leasing contracts a total of 67 hotels, of which
5 are five-star hotels with 784 rooms, 36 are four-star hotels with 6,087 rooms, 19 are three-star hotels with 3,680
rooms, 4 are two-star hotels with 212 rooms and 3 are establishments of three-key apartments with 784 apartments. In
addition, leasing contracts are signed for 35 hotels which will be operated in 2001, 2002 and 2003, with an approximate
total of 6,927 rooms.
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