Hilton International to Build Two New Hotels at Frankfurt Airport

a 314-room Hilton Garden Inn

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. October 14, 2008

FRANKFURT, Germany, June 22, 2006. Hilton International has today announced the development of the first Hilton Garden Inn outside North America; the new mid-market hotel is due to open in Spring 2009 at Frankfurt International Airport, Germany.

Hilton has been awarded a long-term management agreement for two new hotels on the airport site - a 314-room Hilton Garden Inn sitting alongside a 247-room Hilton Hotel.

The project partner of the two hotels is "Airrail Consortia". The hotels will be located next to the high-speed train terminal adjacent to the main airport terminal. The hotels will form part of a mixed-use complex being developed by Airrail to include restaurants, offices, conference and business centres, retail, entertainment and parking.

Ian Carter, Chief Executive of Hilton International commented on the development: "Frankfurt is a fantastic, high profile entry opportunity for the first Hilton Garden Inn new-build hotel in Europe. This development will give Hilton a strong presence in one of the major airports of Europe, which is set to grow its passenger numbers substantially over the next 5 years.

Two new hotels sitting side by side allow Hilton to focus on serving the main segments of the market, both visitors to the airport and the city.

Hilton already have a strong presence in Germany and from this we believe there is a great opportunity to establish Hilton Garden Inn as a market leader in the important mid market sector."

This development represents the first expansion of the Hilton Family of Brands internationally following the acquisition of Hilton International by Hilton Hotels Corporation of the USA in February 2006.

Airrail Consortia is made of:

--IVG Immobilien AG - European Investment company for real estate with a volume of 18,5 billion Euro.

--FRAPORT AG - Owner and Management of the Frankfurt Airport, one of the top ten worldwide airports.

--TESSA Verwaltungsgesellschaft - Administrative project partner

Hotel facilities:

--247 room Hilton including a multi-purpose 200 seat restaurant and a 100 cover bar-lobby lounge, 1450 sqm meeting space including 600 sqm ballroom.

--314 room Hilton Garden INN, including a multi-purpose 174-seat restaurant and a small bar lobby lounge.

*Dedicated parking with 132 spaces.

Frankfurt Airport:

Third largest airport in Europe

-Eighth largest airport in the world

-Served by 129 airlines connecting to 294 destinations in 111 countries

-Home to the German national carrier, Lufthansa.

The number one fright airport in Europe has seen continuous growth in passenger traffic from 38 million in 1995 to 56 million in 2005 (Heathrow is 67 million), expected to grow to 82 million by 2015. It plans further expansion over 5 years with a new maintenance hangar for the new Airbus A380 in 2007, a new runway in 2009 and a new passenger terminal by 2011/2012.

Frankfurt Hotel market:

The key drivers for the market are the airport itself and the strong downtown banking and corporate market in Frankfurt; the Frankfurt Messe is the largest trade centre in Europe and the third largest in the world with 2.7 million visitors per annum including approximately 1.5 million international visitors. (This facility has Euro 300 million expansion plans underway).