Carlson Rezidor in Partnership with Bestech to Focus on Hotel Development in India

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. April 03, 2012

New Delhi - April 2, 2012 - Carlson Rezidor Hotel Group, one of the world's largest and most dynamic hotel groups, today announced a strategic partnership with Bestech Hospitalities Pvt Ltd (Bestech) in India. The two companies are joining forces to address the very promising mid-scale hotel market in India.

• Carlson Rezidor and Bestech will invest USD 42 million in a joint venture to develop the first two hotels, Park Inn by Radisson Gurgaon Sector 88 a-nd Park Inn by Radisson Chandigarh, Mohali
• Bestech will have exclusive development rights for Park Inn by Radisson in central and north India, with the goal to develop 49 Park Inn by Radisson hotels by 2024 in north and central India
• Carlson Rezidor will manage the hotels through a management company in which Bestech is a partner
• Carlson Rezidor will be introducing a new generation of Park Inn by Radisson, developed with a strong focus on the growing middle class in key emerging markets

“We are delighted to be building upon our successful partnership with Bestech in India by signing this strategic agreement,” said K.B. Kachru, executive vice president, South Asia, Carlson Rezidor Hotel Group. “We jointly believe that Park Inn by Radisson provides an effective and compelling investment opportunity for the Indian hotel property market, and we are confident that we will be able to attract additional investors in pursuit of this opportunity.”

“India's middle class is expected to grow from 170 million in 2010 to close to 600 million by 2025. This growing middle class and investments in infrastructure will spur domestic travel and demand for affordable and yet modern accommodation,” said Simon C. Barlow, president, Asia Pacific, Carlson Rezidor Hotel Group. “The partnership we are announcing today will further consolidate the leadership of Carlson Rezidor in the Indian hotel market.”

“We have been working with Carlson Rezidor for 10 years. We enjoy working with their team, which has demonstrated a high level of dedication and expertise in managing brands and hotels successfully,” said Dharmendra Bhandari, managing director of Bestech Hospitalities.

“We are proud to partner Carlson Rezidor in India and we are delighted to grow the relationship with this new strategic partnership. We are confident that Park Inn by Radisson will appeal to domestic business and leisure travelers who are travelling more due to the government's investment in infrastructure to facilitate travel across the country,” said Sunil Satijia, managing director of Bestech Hospitalities.

Park Inn by Radisson is already a global success story. Launched in Europe nine years ago, it is currently present in 33 countries, with 127 hotels in operation and 65 in the pipeline. It will launch its NexGen product in India. A midscale, full service concept specifically designed for the global Gen Y, who predominate India's emerging middle class. Park Inn by Radisson hotels are dynamic, affordable and contemporary with iconic design features. They focus on delivering the modern essentials of a great hotel experience. A good night's sleep in a flexible and connected room, along with great bars, restaurants, and meetings and leisure facilities, all made for the traveler of tomorrow.

Founded by Dharmendra Bhandari and Sunil Satija, Bestech is a real estate leader in India and has more than two decades of expertise in commercial, residential, retail, construction and hospitality developments. Five of Bestech's properties have been branded Radisson Blu and Park Plaza hotels.

The 11 states covered by the partnership are Chattisgarh, Chandigarh, Delhi, Haryana, Himachal Pradesh, Jammu, Kashmir, Madhya Pradesh, Punjab, Rajasthan, Uttar Pradesh and Uttrakhand.

About Carlson Rezidor Hotel Group
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 81 countries and territories, a powerful set of global brands (Radisson Blu, Radisson®, Park Plaza®, Park Inn by Radisson, Country Inns & Suites By CarlsonSM and Hotel Missoni). In most of the group's hotels, guests can benefit from the loyalty program Club CarlsonSM, one of the most rewarding loyalty programs in the world. The Carlson Rezidor Hotel Group and its brands employ more than 80,000 people. Carlson Rezidor Hotel Group is headquartered in Minneapolis, Minn, and Brussels, Belgium. http://www.carlsonrezidor.com

About Bestech Hospitalities Pvt Ltd
Bestech Group, an ISO 9001:2000 company; has emerged as one of the most admired business houses of real estate in the country over the last two decades. Its success stems emerges from the foundation of deliverables, quality and customer satisfaction. The group has rapidly advanced as a leading hospitality provider in a very short period of time across the country and has diversified into real-estate sector as well. The group has developed impeccable goodwill and enjoys a position of leadership in India in its operating sector. Bestech has already delivered and constructed approximately 10 million square feet of residential, commercial, office and retail space and approximately 10 million square feet of development space are under construction. www.bestechgroup.com