Ritz-Carlton Focuses on Global Growth and Reinvestment

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. October 14, 2008

CHEVY CHASE, MD, October 13, 2006. The Ritz-Carlton Hotel Company, L.L.C. will introduce the 63rd luxury hotel in its growing global portfolio on Financial Street in Beijing, China on October 14, 2006. Between 2006 and 2009, the award-winning hospitality company will open 26 hotels, 20 Ritz-Carlton Residences, six Ritz-Carlton Clubs, and two serviced apartments at locations around the world.

At the same time it is stepping up its expansion pace, The Ritz-Carlton and its owners are investing in multi-million dollar renovations of existing hotels, as well as adding in-room enhancements, from flat screen televisions to wireless technology. "Our research confirmed that guests wanted theses types of features added to their guestrooms, and listening to our customers is how we maintain our mystique to the luxury consumer traveling today," said Simon F. Cooper, President and Chief Operating Officer. "Worldwide investment in 2006 by The Ritz-Carlton and its owners totals over $350 million dollars, with a similar investment expected in 2007."

He added: "While our growth and capital improvement plans are moving rapidly, requiring a significant commitment from both owners and company management, we believe the brand equity of The Ritz-Carlton name offers the solid return on investment our owners expect. By continuously investing in modernizing our hotels, we can assure a new generation of luxury customers who will choose The Ritz-Carlton whenever and wherever they travel. While we grow, we never lose sight of our highest standards for any property that carries our name."

New hotels are under construction from the capital cities of Asia and Europe, including Beijing and Moscow, to exclusive island retreats in the Caribbean in St. Lucia and Turks & Caicos. In North America, locations from Denver to Dallas, Lake Tahoe and Toronto will be sites of upcoming Ritz-Carlton hotels and resorts.

Among the many hotels and resorts in The Ritz-Carlton portfolio having recently completed, or now undergoing renovations, are: San Francisco, Barcelona, Laguna Niguel and Shanghai. In San Francisco, a $14 million renovation of the 100-year-old historic building on Nob Hill included a redesign of all guest rooms and the addition of 17 suites.

HOTEL AND RESORT RENOVATIONS

Hotel Arts, Barcelona conducted a $30 million dollar renovation of all guestrooms and suites, and also debuted a luxuriously appointed Six Senses Spa with ocean views. At The Ritz-Carlton, Laguna Niguel, on the Southern California coastline, $40 million dollars was invested in a complete room renovation and public space enhancement, the addition of a Ritz-Carlton Spa, ocean front fitness center and new fine dining restaurant. At The Portman Ritz-Carlton, Shanghai, both the Summer Pavilion and Tea Garden restaurants have been renovated, the Fitness center modernized, and guestrooms continue to be redesigned to create more of an Asian contemporary feel at a total renovation cost in excess of $25 million dollars.

Two Ritz-Carlton resorts which have won much international acclaim are in the process of finishing extensive renovation projects, and will reopen in time to welcome guests for the winter season. At The Ritz-Carlton, St. Thomas, a $40 million dollar facelift has increased the number of rooms on Club level, added several presidential suites overlooking the Caribbean, the spa has been enhanced and enlarged and all the restaurants have a new look and concept. The Ritz-Carlton, Palm Beach is completing a $60 million dollar renovation which will open up the hotel lobby area to take advantage of the ocean views, add stone "couple tubs" to oceanfront suites, create new restaurant concepts, offer newly landscaped gardens and grounds, a tranquility swimming pool and a new 28,000-square-foot spa featuring both indoor and outdoor treatment areas. The next resort in line to begin its renovation process is The Ritz-Carlton, Kapalua which will see investment in excess of $75 million dollars, commencing in 2007.

DESIGNER SPAS AND CELEBRITY CHEFS

Over the next few years, 40 hotels and residential projects will feature world-class spas operated by The Ritz-Carlton, as well as by ESPA, La Prairie and Six Senses. Renowned names from the culinary world have signed agreements to open signature restaurants, including Michelin Three Star Chef Heinz Winkler in Berlin, Wolfgang Puck in Bachelor Gulch, Colorado, David Bouley in South Beach, BLT Steak's Laurent Tourondel in San Juan, and Eric Ripert in Grand Cayman.

The Ritz-Carlton Hotel Company, L.L.C. of Chevy Chase, MD (USA) currently operates 63 hotels in the Americas, Europe, The Middle East, Asia and Africa. Among the 33 new hotels currently under development are sites in Dublin, Tokyo, Lake Tahoe, and the Bahamas. The Ritz-Carlton is the only service company to have twice won the prestigious Malcolm Baldrige National Quality Award which recognizes outstanding customers service from the U.S. Department of Commerce. For reservations, or other inquiries, call (toll free) 1-800-241-3333, a travel professional or contact the website at www.ritzcarlton.com.