Panorama Hospitality K.K. Re-branding the Hotel Sunflower Sapporo as a Ramada(R) Hotel

. October 14, 2008

TOKYO, December 14, 2005. Panorama Hospitality K.K. today announced that the Hotel Sunflower Sapporo will be re-branded as a Ramada(R) hotel, a Cendant Hotel Group brand. The hotel, which is managed and operated by Panorama Hospitality, will commence operations as the Ramada Sapporo on April 1, 2006 and will be operated under a franchise agreement with Ramada International. The re-launch of the hotel as the Ramada Sapporo, follows the re-branding of the Toyo Hotel as the Ramada Osaka on Jan. 15, 2006.

The hotel is currently being extensively renovated, including the lobby, restaurant and banquet areas, as part of the re-branding process. In the newly renovated lobby area a new theme restaurant "MIDI NUI," which provides a relaxed dinning experience, will open on Dec. 20, 2005. The first "MIDI NUI" restaurant was opened at the Shin Kobe Oriental Hotel in 2000.

"Underscoring our focus on Japan, the establishment of this new Ramada hotel in Sapporo is an important step for our business development," said Reas Kondraschow, senior vice president & managing director, Cendant Hotel Group International, Inc. "We are pleased to again be partnering with Panorama Hospitality, which shares our commitment to offering Ramada customers a high quality, good value hotel experience."

"The Ramada brand and access to the resources of Cendant Hotel Group International will add considerable value and profile to the centrally located hotel," said Robert Wilson, president of Panorama Hospitality K.K. "Sapporo is a key destination for domestic and international business travelers and tourists. We believe that they will welcome the addition of such an internationally recognized brand to the city."

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