Imobiliaria Construtora Grao Para SA is a Portugal-based company primarily involved in the development and operation of hotels. The Company, together with its subsidiaries, is mainly engaged in the development, management and operation of hotels. Additionally, it is active in the trade of real estate properties. The Company operates such hotels as Hotel Atlantis Sintra Estoril and Aparthotel Solferias, as well as the restaurant Boteco. It owns architectural and engineering offices, which are active in the development of real estate projects. As of December 31, 2011, the Company’s direct subsidiaries included Autodril - SGPS SA, COMPORTUR- Companhia Portuguesa de Urbanizacao e Turismo SA and Indumarmore - Industria de Mrmores Lda.