Park Plaza Hotels Acquire Park Plaza Westminster Bridge Hotel

Amsterdam, Netherlands | February 21, 2008

With the construction of Park Plaza Westminster Bridge, London's largest hotel to open in the city for decades well underway, Park Plaza Hotels now declare full ownership of the hotel. Agreement to increase its ownership of the development from 33% to 100% was announced to the London Stock Exchange yesterday.

The prestigious Park Plaza Westminster Bridge apart-hotel will also be operated by Park Plaza Hotels when open in 2010. The extensive £321 million development is situated at the southern end of Westminster Bridge close to the recently opened 398-room Park Plaza County Hall and Waterloo Station.

As planning permission was recently granted to add another floor to the development, the hotel will now feature 1,037 apartments, each with kitchenette and ample living space. Accommodation will range from studio rooms to magnificent penthouse suites with floor-to-ceiling windows overlooking the River Thames, the Houses of Parliament and Big Ben.

The hotel's state of the art function space boasting in-built technology and audiovisual equipment is set to rival that of its Park Lane competitors with its 1,000+ delegate capacity. Park Plaza Westminster Bridge will also offer several syndicate rooms, a spa with full gymnasium and swimming pool as well as executive lounges, bars, a restaurant, café, shops and a landscaped piazza. The development replaces the former GLC Building - voted one of Britain's ugliest - providing an all-new resident and business venue for the ever-increasing number of visitors to the rejuvenated South Bank area of London.

Boris Ivesha, CEO of Park Plaza, said:"We are delighted to have secured 100% ownership interest in the Park Plaza Westminster Bridge property. This prestigious development in the centre of London remains on track to open in 2010 and is expected to add an additional 1,037 rooms to our portfolio. Private investors have an opportunity to purchase an apartment and during the development phase we have already attracted significant interest and we are extremely pleased with the number of pre-sales achieved to date".

When complete, Park Plaza Westminster Bridge will be one of the largest hotels in London and will offer customers unrivalled state of the art facilities."

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Notes to Editors

Park Plaza Hotels Limited is owner, operator and franchisor of hotels in Europe, the Middle East and Africa. The Group operates under two brands: Park Plaza Hotels & Resorts (part of Carlson Hotels Worldwide), over which the Group has exclusive rights in 56 countries in EMEA and art'otel, a brand to which the Group has exclusive worldwide rights. Park Plaza Hotels also manages the luxury all-suite Plaza on the River - Club and Residence, London.

Through it strategic partnership with Carlson, one of the world's largest travel and hospitality companies, Park Plaza Hotels has access to Carlson's powerful reservation and distribution system, airline partnerships with 19 airlines, loyalty programmes such as goldpoints plusSM for guests and Look To Book® for travel agents, and cross-selling opportunities.

There are currently 26 properties and over 4,700 rooms in the Group's portfolio. By 2010, the Group's committed projects and territorial franchise agreements are expected to increase the number of rooms to over 8,000.

Projects already under development include Park Plaza Marrakech (2009), Park Plaza Nuremberg (2009), art'otel cologne (2009) and Park Plaza Westminster Bridge, London (2010).

Park Plaza Hotels floated on London's AIM Stock Market in July 2007.

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