Cedar Capital Partners Acquires 50% of the Hotel des Bergues

London, 22 April, 2005 - Cedar Capital Partners announced today the acquisition of a 50% interest in the Hotel des Bergues, Geneva by Worldwide Hotel Investments ("WHI") from Kingdom Hotels International. Cedar Capital Partners advised WHI in the acquisition and will also asset manage the investment. Built over 170 years ago and classified as a Historical Monument, the 122-room 5-star Hotel Des Bergues is the oldest and most exclusive hotel in Geneva. The Hotel which overlooks Lake Geneva has recently closed for a major renovation and will reopen in September 2005. Upon reopening, the Hotel will be managed by Four Seasons Hotels & Resorts and will be positioned as one of the leading hotels in Europe. Ramsey Mankarious, CEO of Cedar Capital Partners stated: "The Hotel des Bergues is already the best performing hotel in Geneva. We expect it to be one of the best hotels in Europe following completion of the renovation." About Cedar Capital Partners Cedar Capital Partners is a specialist hotel investment firm that invests and asset manages capital on behalf of institutions and high net worth individuals. The firm was founded by Ramsey Mankarious and is comprised of industry professionals with backgrounds in hotel finance, operation, acquisition and development. Over the past six months, Cedar Capital Partners has also announced the acquisition of the Savoy Hotel, London, the Monte Carlo Grand Hotel, Monaco and the formation of a $1.5 billion fund to acquire luxury hotels in Europe. About Worldwide Hotel Investments WHI is a wholly owned subsidiary of Usaha Tegas Sdn Bhd ("Usaha Tegas"), an investment holding company whose affiliates own and operate businesses in a diverse range of industries including telecommunications, broadcast media, real estate, power generation, leisure and exhibition centre operations. The acquisition of the Hotel des Bergues is the group’s first European hotel investment. About Kingdom Hotels International Kingdom Hotels International is owned by HRH Prince Alwaleed bin Talal bin Abdulaziz Al Saud. Prince Alwaleed has substantial holdings in banking, media, telecommunications, technology and hospitality. CONTACT Cedar Capital Partners Mr. Phil Golding Vice President Tel: +44 20 7292 4894 E-mail: phil@cedarcp.com Website: www.cedarcp.com