Radisson SAS Hotels & Resorts pursue rapid expansion

This year, Radisson SAS has already opened two hotels in Liverpool and Berlin as well as a spa & golf resort in Bük/Hungary. The new Radisson SAS Hotel in Spa/Belgium will open its doors on 15 March 2004. Further highlights planned for 2004 are the openings of five hotels in Althone and Sligo/Ireland, Belfast, London Stansted Airport and Rostock. Two Radisson SAS Hotels in Birmingham and Frankfurt and the Radisson SAS Resorts "Golden Bay" on Malta and in Cavan, Ireland will follow in 2005.

The 427-room Radisson SAS Hotel Berlin opened on 5 March 2004 and offers first-class service at the top city location. Many of the rooms, some with a beautiful balcony, have incredible views of Berlin Cathedral, the River Spree, the Red City Hall or the television tower on Alexanderplatz. The unique 25-metre-high aquarium in the hotel lobby is another superlative. The vividly-coloured reef landscapes and 2'500 exotic fish are certain to bewitch every guest entering the lobby. Over 100 rooms facing the atrium offer direct "sea views" of the AquaDom – complete with Caribbean ambience.

The hotel is also remarkable for its trendy modern design, the "HEat" World Fusion Cooking Restaurant, simple "Noodle Kitchen" Restaurant, contemporary "Aqua Lounge" and "Atrium Lobby Lounge & Bar". With five conference and event rooms, it offers the ideal venue for every occasion. After a strenuous day spent sightseeing or doing business, guests can relax in the wellness zone complete with a swimming pool and a variety of saunas.

New Radisson SAS Hotel in Rostock
The new Radisson SAS Hotel Rostock will open in October 2004. The hotel stands in the middle of the historic, over 800-year-old heart of the seaport, just a few minutes walk from the main railway station and 20 kilometres from Rostock-Laage Airport.

All 258 rooms and suites are fully air-conditioned and equipped with cable and pay TV, radio, direct-dial telephone, fax and modem connections and minibar. The seminar and conference area, with an overall area of 695 square metres, comprises nine rooms including a ballroom which can be subdivided. Guests will also find a restaurant, a lobby bar, a rooftop bar with beautiful city and harbour views and a fitness and wellness zone with the latest equipment.

-2-


New Radisson SAS Hotel in Frankfurt
The new Radisson SAS Hotel "Blue Heaven", set to open at the end of 2005, will stand at the Opel roundabout, close to the Frankfurt am Main exhibition complex. The imposing height of the futuristic, 20-storey building, designed by London architect John Seifert, will make it visible from afar and it stands a good chance of becoming Frankfurt's new landmark. The hotel offers 420 rooms and suites, all equipped with air-conditioning, cable and pay TV, radio, direct-dial telephone, fax and modem connections and a minibar.

Two restaurants, a bar, a 300-square-metre fitness and pool zone on the top floor with incredible city views and 240 parking spaces in the hotel's underground garage add to the hotel attractions. A spacious 1'200-square-metre banqueting and conference area offers guests the choice of up to nine flexible, dividable rooms with daylight and a ballroom for up to 400 persons. A business centre and break-out zone are also incorporated. The hotel will be surrounded by extensive gardens and water areas, creating an oasis of tranquillity.

New Radisson SAS Spa & Golf Resort in Bük, Hungary
The Radisson SAS Birdland Resort opened its doors on 4 March 2004, the second Rezidor SAS hotel in Hungary after the Radisson SAS Béke Hotel in Budapest. Built directly adjoining the famous Birdland Golf & Country Club golf course, the hotel has 208 rooms, fantastic views of the fairways and surrounding countryside and an over 3'500-square metre spa zone. Guests can enjoy being pampered with numerous beauty and wellness treatments or train in the spacious fitness centre. Six indoor pools (including a 20-metre long sport pool) and an outdoor pool with a Caribbean pool bar add to the attractions.

Second Radisson SAS Hotel in Spa, Belgium
The Belgian city of Spa borders on the Ardennes and is famous for its large number of healing springs and thermal baths. On 15 March 2004, Radisson SAS will here open its new 120-room Palace Hotel. Further hotel attractions include the "Les Saisons de Spa" Brasserie and "O2 – Source d'Oxygène" Restaurant, a bar, fitness centre and four conference rooms for up to 180 persons. The hotel also enjoys direct access to the municipal Thermal Centre offering mud baths, massages and a variety of beauty treatments.

Four new Radisson SAS Hotels in Ireland
Two hotels are currently under construction in Althone and Sligo, both expected to be completed by spring 2004. The Radisson SAS Hotel in Athlone is situated in the conveniently central district of Silverquay on the banks of the River Shannon. The hotel offers 116 rooms, many with charming views of historic Athlone Castle. The city centre and railway station are within a few minutes walk. The 132-room Radisson SAS Hotel in Sligo is located just outside the town centre on the road to the old coastal village of Rosses Point, one of the region's main tourist attractions.


-3-


The Radisson SAS Hotel Cork will be completed in spring 2005. It will offer 122 rooms, a restaurant, bar, spacious conference facilities and a wellness centre with spa. The hotel is located 10 minutes from the city centre, in the Little Island Business Park.

The opening of the unique Radisson SAS Resort in Cavan/Ireland is planned for the middle of 2005. This outstanding resort will be built on the Farnham Estate in the "Lake County" Cavan, Northern Ireland. Farnham also owns lakes, pastureland and forests on a total area of over five square kilometres. The plans for the trend-setting resort project envisage the construction of a new hotel with 158 rooms, several restaurants and a lavish and spacious spa with a wellness centre, adjacent to the manor house. This venerable old building will remain in its present form. A further attraction on the estate is an 18-hole championship golf course.

Four new hotels in the United Kingdom
The new Radisson SAS Hotel in Liverpool opened its doors on 14 February 2004. The hotel offers 294 rooms in two styles (Ocean and Urban), the "Filini" Italian Restaurant, the trendy "White Bar", spacious conference facilities with nine conference rooms and the luxurious "Ark Health & Fitness Club". The hotel is situated between the central business quarter and Prince's Dock in the heart of Liverpool.

A further new Radisson SAS Hotel is under construction in Belfast, Northern Ireland and expected to open in summer 2004. This hotel will offer 120 rooms, a restaurant, bar and conference facilities for up to 150 persons. The Radisson SAS Hotel at London's Stansted Airport will also open in summer, with 500 rooms, two restaurants, various bars and a health & fitness club.

At the beginning of 2005, Radisson SAS will open a 208-room hotel in the centre of Birmingham. A spacious conference zone, restaurants, bars and a fitness centre will round off the attractions of the new hotel.

New Radisson SAS Golden Sands Resort on Malta
The luxurious five-star Radisson SAS Golden Sands Resort on Malta is at present under construction and expected to open in the middle of 2005. The hotel is situated on the cliffs of the picturesque Golden Bay, with unique ocean views. The resort will offer 300 comfortable rooms, three restaurants, a cocktail bar, two pool bars, various lounges, a nightclub and a conference zone with business centre and ballroom. Leisure facilities will include a swimming pool complex, an indoor pool with Jacuzzi, a fitness centre, spa & wellness centre and tennis courts. Guests will also be able to enjoy a wide variety of water sports on the private beach.

The development and operation of the resorts is in keeping with the Rezidor SAS strategy of expanding the portfolio of hotel brands to 700 hotels by the year 2012. The group already operates resorts in Taba and Sharm El Sheikh (Egypt), Fleesensee and Rügen (Germany),

-4-

Limavady in County Londonderry (Northern Ireland), St. Julian's (Malta), Breitostølen (Norway) and Sharja (United Arab Emirates). The Radisson SAS Birdland Resort & Spa in Bük (Hungary) opened its doors at the beginning of March this year. Four more resorts in Al Quesir und Hurghada (Egypt), Cavan (Ireland) and Mijas (Spain) are already in the planning stage.

Further Radisson SAS Hotels are planned at the following locations: Ankara and Istanbul, Turkey; Kiev, Ukraine; Bordeaux, Marseille, Porte St. Cloud/Paris and Disneyland Resort, France; Danzig, Poland and Lucerne, Switzerland.

Egg/Zurich, 13 March 2004