18 April 2012

“Saudi Arabia is a key development market for Rezidor. The country experiences continuous economic growth amid regional turmoil and global economic tremors. Its strong domestic market, its important religious sites in addition to a strong real estate sector and a healthy hospitality market, call for a strong hotel presence”, said Kurt Ritter, President and CEO of Rezidor. Speaking on behalf of Olayan Real Estate Company– the owner and developer of the Park InnJeddah and the real estate arm of The Olayan Group, Abdulrahman Al Binali said, “We’re pleased to be working with Rezidor on this exciting new development in Jeddah, and look forward to a continued relationshipand future projects, including a possible new hotel in Riyadh for which we’re already signed an MOU.” ElieYounes, Vice President of Business Developmentfor MENA at Rezidor added,''We are committed to growth in Saudi Arabia and tofurther contribute to its tourism industry. We are thrilled to partner with Olayan, a group known for its great ability to plan and successfully execute projects and we are looking at working together across the Kingdom in the future''. Jeddah lies on the Red Sea coast and is the second-largest city in Saudi Arabia, after the capital city Riyadh.The new Park Inn by Radisson will feature 250 rooms and 100 serviced apartments and will benefit from an excellent location on Al Madinah Road. It will have two restaurants and a lounge, 500sqm of meeting space, a fitness centre with outdoor swimming pool and a business centre. Being situated on one of Jeddah’s main commercial roads, the hotel provides easy access to the shopping and commercial centers of the city. Jeddah’s international airport is a short drive away and the holy cities of Makkah (65km) and Madinah (330km) are also within an easy driving distance. Jeddah is an ethnically diverse city because of its role as gateway to Mecca for thousands of pilgrims from all over the world. Jeddah has a population of 3.5 million and is considered to be one of the major commercial centers of the country. ENDS About the Carlson Rezidor Hotel Group The Carlson Rezidor Hotel Group – born in early 2012 – is one of the world’s largest and most dynamic hotel groups. The portfolio of the Carlson Rezidor Hotel Group includes more than 1,300 hotels, a global footprint spanning 80 countries, a powerful set of global brands (Radisson Blu, Radisson®, Country Inns & Suites ByCarlsonSM, Park Inn by Radisson, Hotel Missoni and Park Plaza®). In most of the group’s hotels, guests can benefit from the loyalty program Club Carlson, one of the most rewarding loyalty programs in the world. The Carlson Rezidor Hotel Group and its brands employ more than 80,000 people. The Carlson Rezidor Hotel Group is headquartered in Minneapolis, USA, and Brussels, Belgium. http://www.carlsonrezidor.com;http://www.rezidor.com About The Olayan Group The Olayan Group is a multinational enterprise founded in Saudi Arabia in 1947 by Suliman S. Olayan. It stands today as both a leading, diversified business in Saudi Arabia and major international investor. The Olayan name has become synonymous with its commitment to business excellence, superior corporate governance and the highest quality goods and services. Olayan has extensive commercial, industrial, and investment interests including real estate investment and development in Saudi Arabia and the Middle East. These are managed by Riyadh-based Olayan Financing Company. www.olayan.com For further information please contact: The Carlson Rezidor Hotel Group Klara Zakis, Manager PR & Communications MENA Tel: +971 50 457 9556 Klara.zakis@rezidor.com The Portsmouth Group Lydia Parkinson / Ahmed Aduib, Tel: +971 4 369 3575 Lydia.parkinson@theportsmouthgroup.com / ahmed.aduib@theportsmouthgroup.com