Ramsey Mankarious Announces the Formation of Cedar Capital Partners Three Major Hotel Transactions Already Completed

London, 19 January 2005 - Ramsey Mankarious announces the formation of Cedar Capital Partners, a specialist hotel investment firm. The firm specializes in the acquisition and asset management of hotels on behalf of financial institutions and high net worth individuals. Although recently formed, Cedar Capital Partners has already completed the following hotel transactions: FHR European Ventures - 21 December 2004 Cedar Capital Partners initiated the formation of FHR European Ventures ("the Fund") and will serve as the Fund's manager and investment advisor. The Fund's investment objective is to acquire luxury hotels that offer value enhancement potential through rebranding and/or renovation. The investors in FHR European Ventures are the Bank of Scotland, Fairmont Hotels and Kingdom Hotels International. The hotels acquired by the Fund will be managed by Fairmont. Bank of Scotland will provide debt financing. The Fund will have a buying capacity of £800 million (US$1.5 billion) and will be equity funded 50% by Bank of Scotland, 25% by Fairmont and 25% by Kingdom. The partners anticipate making equity contributions of up to £200 million (US$390 million). Monte Carlo Grand Hotel, Monaco - 22 December 2004 Cedar Capital Partners acquired the Monte Carlo Grand Hotel on behalf of FHR European Ventures. The 619-room landmark property was the venture's first investment. The property will be flagged "The Fairmont Monte Carlo" and will undergo a US$50 million refurbishment. The Savoy Hotel, London - January 19 2005 Cedar Capital Partners represented Kingdom Hotels International in the acquisition of the Savoy Hotel in London. Kingdom and the Bank of Scotland jointly acquired the Savoy Hotel which will undergo a £30 million renovation and be managed by Fairmont Hotels. CONTACT INFORMATION Cedar Capital Partners Ramsey N. Mankarious Chief Executive Officer Tel: +44 20 7431 0457 E-mail: ramsey@cedarcp.com Website: www.cedarcp.com