Hilton Signs Agreement for First Conrad Hotel in Bahrain

Hilton Family Continues to Develop Luxury Brands

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. December 29, 2008

BEVERLY HILLS, CA, December 29, 2008 - Hilton Hotels Corporation (HHC) today announced that it has signed a management agreementwith Diyar Al Bahrain, to open the first Conrad hotel in the Kingdom of Bahrain in2011.

The Conrad Bahrain, will be located in one of Bahrain's most luxuriousdevelopments, the newly-built Reef Island off Bahrain's capital city Manama and willfeature 250 guest rooms and 50 apartments.

Ross Klein, Global Head, Hilton Family of Hotels, Luxury & Lifestyle Brands said,"This announcement emphasises our goal to really strengthen our luxury offering ona global scale. The Conrad Bahrain epitomises the Conrad lifestyle with its high-techofferings, distinct modern design, best-in-class service and customised experiences.The hotel will build on the successes of the Conrad Cairo and will also complementour properties under development; Conrad Dubai and Conrad Abu Dhabi."

Mr Abdul Rahman Mohammed Al Jasmi, Chairman of Diyar Al Bahrain said, "We aredelighted to have signed this landmark management agreement with Hilton HotelsCorporation for the launch of the first Conrad hotel in the Kingdom of Bahrain. Thisalliance is the result of extensive due diligence and hospitality industry analysis. TheConrad brand supported by the strong Hilton engine really epitomises luxury, and isin perfect synergy with Diyar Al Bahrain's business strategy of developing valueaddedalliances in all areas of operations."

Bahrain is the Gulf region's financial hub and offers zero corporate tax policy forbusinesses and a transparent regulatory system. Located a short distance fromManama's Central Business District and the Bahrain Financial Harbour, the ConradBahrain will be a key destination for business travellers.

The hotel will offer easy accessibility to the international airport, to the new sea portand to the causeway to the Kingdom of Saudi Arabia. A new causeway, set to be thelongest bridge connection in the world, and scheduled to complete in 2013, willprovide an additional link between Bahrain and Qatar.

Jean-Paul Herzog, President, Hilton Hotels, Middle East & Africa said, "Bahrain'stourism industry is gaining significant momentum with a 15% increase in visitors lastyear. High-profile international events such as the Formula One Grand Prix haveestablished Bahrain on the tourism map. The signing of Conrad Bahrain is yetanother step forward in achieving a Hilton Family hotel in every major city. We willtarget the strong corporate market, and GCC leisure and business segment, thanksto the hotel's close proximity to downtown Manama, the financial district as well asits accessibility to Saudi Arabia."

The Conrad will also offer its business guests unparalleled meeting facilities,including a business centre incorporating the latest technology, six sizeable meetingrooms, two banquet rooms and an impressive ballroom. To wind down, guests will beable to enjoy the hotel's shopping arcade or utilise the fitness facilities, including atennis court, squash court, swimming pool and health club. Reef Island's features willalso include, among other attractions, open parks, an Aquarium, a luxury shoppingmall, a marina and a Yacht club.

The Conrad Bahrain will boast impressive dining facilities, including a stylish all-daydining outlet, and three speciality restaurants featuring international cuisine. Thehotel will also offer two bars, a coffee shop and a shisha cafe for a unique flavour ofthe region.

"We have also established Diyafa Holding, a Bahrain-based closed shareholdingcompany catering to the Kingdom's increasing demand for tourism and hospitalityfacilities. We are therefore focused on growing this alliance with Hilton HotelsCorporation," continued Mr Abdul Rahman Mohammed Al Jasmi.

Atieh Hamarneh, CEO of Diyafa said, "Diyafa's objective is to be a leading developerof hospitality facilities including hotels, resorts, spas and real estate residentialcommunities in the region with a global footprint. We have a strong commitment tothe communities in which we operate in, and we will be guided by an unwaveringpursuit of excellence to build great properties for our clientele."

Today's news reflects Conrad Hotels & Resorts fast moving expansion in the MiddleEast and globally, with the Conrad Dubai and the Conrad Abu Dhabi set to open inQ4 2010 and Q2 2011 respectively, alongside plans to introduce new Conrad hotelsin Shanghai, the Bahamas, Thailand, Beijing and Portugal.

Hilton Hotels has a signed development pipeline of an additional 16 properties acrossMiddle East & Africa in the U.A.E, Qatar, Kuwait, Lebanon, Jordan, Equatorial Guinea,Uganda, Ghana, Nigeria and Cape Verde. Furthermore, the company has recentlyannounced a strategic development agreement to develop 13 Hilton Garden Innproperties across the Kingdom of Saudi Arabia.