CHI Hotels and Resorts to operate twin property Corinthia Beach Resort in Sharm el Sheikh, Egypt

(September 9, 2008) - Malta-based CHI Hotels & Resorts (formerly Corinthia Hotels International) announced the signing of a long-term management agreement with Cyrene Tourism Investment Corporation of

CHI Hotels and Resorts to operate twin property Corinthia Beach Resort in Sharm el Sheikh, Egypt

(September 9, 2008) – Malta-based CHI Hotels & Resorts (formerly Corinthia Hotels International) announced the signing of a long-term management agreement with Cyrene Tourism Investment Corporation of Egypt for the operation of two new upscale properties in the highly-popular Egyptian resort of Sharm el Sheikh. Both hotels will form part of a major resort destination to be known as the Corinthia Beach Resort.

The Corinthia Hotel will be a five-star international deluxe property located directly on a stunning beachfront in Montazah, Sharm El Sheikh. The property is set to become operational in the last quarter of 2009 and will offer 220 deluxe suites and be fully supported with independent restaurants, a club house and fully-serviced beach operation and outdoor pool.

The Tiran Island Hotel will be a 600 bedroom four-star international hotel offering a broad selection of luxury hotel rooms, residential suites and self-catering suites ideal for family occupation. Scheduled to open in the first quarter of 2009, this quality four-star operation will offer a wide range of restaurants, entertainment, bars, spa, outside pools and extensive conference and meeting facilities to suit conference tourism.

Both hotels will be operated by CHI Hotels & Resorts as the Corinthia Beach Resort, with a full range of differently-priced products covering room only, bed and breakfast, half board, full board and fully-inclusive rates.

The Resort is built within beautiful landscaped gardens, and at the same time, having an extensive range of food and beverage products. There will be a quality offering of a wide range of entertainment and sporting facilities such as private tennis courts and diving and water sport activities.

The management agreement was signed by Paul Pisani, vice-president -Development of CHI and H Mansouri, chairman and CEO of the owning company Cyrene Tourism Investment Corporation of Egypt.

Commenting on the agreement, Mansouri, said, “CHI Hotels & Resorts’ worldwide experience and excellent reputation as a multi-brand hotel operator has long preceded it in this part of the world, giving us the necessary confidence to entrust our multi-million dollar project to a very safe pair of hands with a proven international track record. With the completion of these two hotels, Cyrene Group hotel capacity will reach some 2,200 guestrooms and suites.”

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Congratulating Mansouri, CHI’s CEO and managing director Tony Potter said, “We are delighted to have been awarded the operation of this multi-property project, which sees us pioneer the renowned Corinthia Hotels brand to yet another world class destination such as Sharm El Sheikh. Corinthia Hotels’ properties are currently leaders in five-star hotel keeping in the Czech Republic, Hungary, Libya, Malta, Portugal and Russia, with others currently under development in Algiers, Bucharest and London. Each hotel is renowned for its uniqueness of character, while retaining the same high standards that the Corinthia brand has become renowned for. Our CHI team is confident that with this excellent location and two upscale properties within one resort, we will be able to offer one of the most upmarket resort products and widest range of choices in Sharm El Sheikh.”

Sharm El Sheikh is a city situated on the southern tip of the Sinai Peninsula in Egypt and has become a leading tourist resort thanks to its dramatic landscape, year-round dry and temperate climate and long stretches of natural beaches. Its waters are clear and calm for most of the year and have become popular for various water sports, particularly recreational scuba diving and snorkelling which some consider to be among the best in the world. Coral reefs, underwater and marine life, unmatched anywhere in the world, offer a spectacular and dazzling time for divers. All around are Bedouins, colourful tents, mountains and sea. Sharm features all the amenities one could expect of a top-class tourist resort, including casinos, discos and nightclubs, golf courses, windsurfing and other water sports, horses and camel riding, desert safaris and great nearby antiquities attractions.

About CHI Hotels & Resorts

Based in Malta, CHI Hotels & Resorts (CHI) is a leading hands-on hotel management company that provides the full range of technical assistance and management services to hotel owners worldwide. CHI is the exclusive operator and developer for the luxury Corinthia Hotels brand, as well as the Wyndham and Ramada Plaza brands in Europe, Africa and The Middle East.

CHI draws on a heritage of over 45 years in delivering high-quality services to hotel guests and an optimum rate of return to owners and investors in diverse business environments. Our experience across our three brands extends to management of luxury and upscale properties in city and resort locations and products ranging from boutique to conference and Spa hotels. CHI also operates various restaurants under brands such as ‘Rickshaw’ and has its own Spa division.

CHI Hotels & Resorts is a joint venture between International Hotel Investments plc (IHI) – 70% and The Wyndham Hotel Group (WHG) – 30%.

Contact: Manuel Briffa, Phone: +356 2551 1146, Fax: +356 2123 9732, Mobile: +356 9943 2252, Email: [email protected]

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