IHG to Operate InterContinental Hotel and Residences in Osaka

Developers of Osaka Station North Yard Development Project Sign Agreement

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. July 29, 2010

Tokyo, Japan - 29 July 2010 - InterContinental Hotels Group (IHG) and Osaka Station North Yard Development Project today reached an agreement for IHG to open a luxury hotel and high-end residences within the Osaka Station North Yard Development Project in Osaka city under the InterContinental brand.

This marks the debut of the InterContinental brand in Osaka and the debut of InterContinental residences in Japan. Both the hotel and residences are scheduled to open in 2013.

Osaka Station North Yard lies in the heart of the city and spans approximately 24 hectares. Work is already underway in the seven-hectare early development zone, where the new InterContinental hotel and residences will be located.

Designated by the city as a “special zone for urban redevelopment”, this seven-hectare area will feature a concentration of urban amenities, high-end offices, luxurious modern accommodation options and a 10,000 sqm plaza and pedestrian mall. Osaka's first InterContinental is a key development in the zone and will feature approximately 200 rooms and 50 residential apartments, along with restaurants and banqueting facilities.

“We are extremely happy to be working with InterContinental Hotels Group on this project. We are excited to be bringing the InterContinental brand into Osaka, and we look forward to the success of the project through the collaboration of the 12 development companies," said Toshio Nagashima, Director & Executive Vice President, Mitsubishi Estate Co., Ltd.

Added Mr. Yoshiharu Nishimura, Executive Director & Senior Executive Manager, Development Promotion Department, NTT Urban Development Co., “It has always been our objective to partner with an international hotel brand with top-quality service that can cater to both short-term and long-stay guests. As the luxury brand within IHG's portfolio, we are confident that InterContinental Hotels & Resorts is our ideal partner for this project.”

“InterContinental is a brand that's gone through some of history's most defining moments; its rich geographical and cultural heritage will always be a part of its legacy. This is yet another great moment in the InterContinental brand's history, and I'm confident that by establishing our presence in one of Japan's key cities, we'll propel the brand from strength to strength in this region,” said Jan Smits, Managing Director, IHG Asia Australasia.

InterContinental is the world's first truly international hotel brand. It is located in resort destinations and major global cities such as London, Paris, New York, and Hong Kong. In Japan, there are six InterContinental hotels in Tokyo and Okinawa.

About the Initial Development Area in the Osaka Station North District
The Initial Development Area in the Osaka Station North District is a 7-hectare segment within the 24-hectare property to the north of Japan Railway (JR) Osaka Station designated for immediate urban renewal projects known as "Osaka Station North District." In June 2005, Urban Renaissance Agency (UR) began working on the "Land Readjustment Project for Osaka Station North - Ofuka Higashi District," requesting proposals from potential developers in cooperation with the other landowner, Japan Railway Construction, Transport and Technology Agency. The approved property developers were announced in May and November 2006, and the property was delivered to them by June 2007. In February 2008, the area was declared an "urban renewal special district" with its urban planning finalised.