GEM and Partners Begin Construction of Waldorf=Astoria at Bonnet Creek

Adjacent to the Walt Disney World Resort

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. October 14, 2008

BONNET CREEK, FL, April 11, 2007. Hilton Hotels Corporation (NYSE:HLT) announced today the groundbreaking of The Waldorf=Astoria(R) at Bonnet Creek and the Hilton Bonnet Creek Hotel, part of a resort development adjacent to the Walt Disney World(R) Resort. GEM Realty Capital, Inc., with Merrill Lynch Global Principal Investments and another private investment company, will partner with Bonnet Creek Venture, Ltd., and Hilton Hotels Corporation to develop and own the resort. The project's total cost is expected to exceed $500,000,000. The two properties will be managed by Hilton Hotels Corporation. Completion and opening is scheduled for late 2009.

"We are delighted to announce that these two elite hotels, including the first newly-built Waldorf=Astoria since the original in New York was opened 76-years ago, will be welcomed so warmly in Orlando," said Tom Keltner, CEO Americas & Global Brands, Hilton Hotels Corporation. "This beautiful Bonnet Creek Resort is an unbeatable and important location for business or pleasure, especially with the abundance of nearby attractions, terrific airlift, entertainment options and warm weather. We are excited to introduce these two distinctive upscale hotels to this marketplace, one under the renowned Hilton name, will be the largest Hilton U.S. mainland resort and a great addition to Hilton's worldwide resort portfolio, and one an ultra-luxury Waldorf=Astoria, joining our new luxury brand, The Waldorf=Astoria Collection."

The 1,000-room Hilton and the 498-room Waldorf=Astoria hotel will also offer a Rees Jones Championship designed golf course, expansive swimming pools that overlook the golf course, and a 24,000 square-foot spa and fitness center. The contemporary Hilton Hotel will complement the Bonnet Creek locale and feature three upscale and specialty restaurants, exemplary meeting space and a state-of-the art business center. The Waldorf=Astoria Bonnet Creek will feature many of the signature food and beverage establishments that have made The Waldorf=Astoria in New York City popular, including Peacock Alley(R), Bull & Bear(R), Sir Harry's Bar and Oscar's(R). The Waldorf=Astoria Bonnet Creek will also pay homage to the original, with Art Deco accents and will be reflective and celebrate the 'sense of place' of Central Florida.

"It is an honor to work with our esteemed partners on creating and developing this world-class project," said Norman S. Geller, senior managing partner of GEM Realty Capital, Inc. "We, with our equity partners, are pleased to provide strong financial sponsorship for these elite hotels in America's greatest resort destination."

The two hotels will have a combined total of 125,000 square feet of meeting space, of which, 90,000 square feet will be located in a state-of-the art conference facility. The largest ballroom will be 36,000 square feet. The hotels will also share 5,000 square feet of specialty retail. The 18-hole Rees Jones Championship designed golf course will be completed prior to the opening of the project.

The Waldorf=Astoria Bonnet Creek will be located at 14200 Bonnet Creek Resort Lane, Orlando, Florida 32831. The Hilton Bonnet Creek will be located at 14100 Bonnet Creek Resort Lane, Orlando, Florida 32831.