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Park Inn Enters the Czech Market with Red Group

Prague, 4th September, 2007 - Real estate developer Red Group announced the signing of two management agreements with The Rezidor Hotel Group to operate hotels being developed by Red Group in Prague 2 and central Ostrava. One of the fastest growing hotel companies in the world will trade the hotels under the Park Inn banner that will make its debut in the Czech market as a full service mid-market sister brand to one of the leading hotels in Prague, Radisson SAS.

"We have recognized the potential in developing an environment suitable for a branded hotel product that is affordable, but highly efficient and innovative. The nature and timing of our project developments matched Rezidor's focus on business development in Eastern Europe. We are also delighted to cooperate with Rezidor in searching for other potential locations in the Czech Republic," said Barry Cullen, General Manager of Red Group.

The Park Inn Prague will be situated in the impressive historic building of a former printing house on Svobodova Street in close proximity to the Vysehrad castle and will become a flagship property in Eastern Europe. Red Group commenced refurbishment of the building this summer and plans to complete works by the end of 2008. The unique character of the building will be preserved and the interior space, predominately the ground floor areas, will be designed to highlight existing architectural elements of the building. In addition to 209 hotel rooms, the property will house conference space and a wellness retreat. This distinctive destination in a riverside location will be enhanced by 27 high-end residential apartments, being developed by Red Group.

The Park Inn Ostrava is set to become the first internationally branded hotel in Ostrava. The hotel will be a part of the Orchard office and hotel development currently under way on Hornopolni street, in the centre of the city. The property is scheduled for completion in the second quarter of next year and will comprise 186 rooms, extensive conference and meeting facilities, restaurants and a health and fitness centre.