Cedar Capital Partners Leads Investment Group in Acquiring Mandarin Oriental, Prague

Prague, 26 October, 2006 - Cedar Capital Partners, LLC announced today their acquisition of Mandarin Oriental, Prague. The hotel, which was jointly acquired with one of Cedar's institutional investors, is set to become the leading hotel in Prague. The 99-room luxury hotel, originally a 14th Century Dominican monastery, opened less than two months ago after a five year redevelopment program. Located in the centre of Prague, the hotel is steps away from famous landmarks such as the Charles Bridge and St. Nicholas Cathedral. Ramsey Mankarious, CEO of Cedar Capital Partners, commented: "We are delighted to have acquired Mandarin Oriental, Prague and we look forward to working with Mandarin Oriental Hotel Group to make the hotel one of the best luxury properties in Central Europe." About Cedar Capital Partners Cedar Capital Partners LLC is a hotel investment firm that co-invests with high net worth individuals and institutional investors and asset manages hotels on their behalf. Cedar Capital Partners has acquired assets with a value in excess of Euros700 million over the past two years. For more information about Cedar Capital Partners, go to www.cedarcp.com About Mandarin Oriental Mandarin Oriental Hotel Group is the award-winning owner and operator of some of the world’s most prestigious hotels and resorts, currently operating 21 luxury hotels with a further 9 under development. For more information on Mandarin Oriental, go to www.mandarinoriental.com About Mandarin Oriental Hotel, Prague Originally a 14th Century Dominican monastery located in a peaceful yet central part of the historic Malá Strana district on the left bank of the Vltava, the 99-room hotel is just steps away from famous landmarks such as the Charles Bridge and St. Nicholas Cathedral. With three buildings centred around a peaceful garden, the hotel’s historical features include vaulted ceilings, Baroque columns, and arched windows. These have been sensitively complemented by natural materials, stylish contemporary furniture and subtle Asian touches, creating a look of elegant opulence that defines Mandarin Oriental hotels. "In many ways, Mandarin Oriental, Prague exemplifies all the qualities that make this city such a popular destination. It exudes history, dazzles the eye with a mixture of architectural styles, and charms visitors with its unique character," said General Manager, Clemens Hoerth. FOR MORE INFORMATION PLEASE CONTACT Cedar Capital Partners Mr. Phil Golding Vice President Tel: +44 20 7484 3564 Fax: +44 20 7484 3561 E-mail: phil@cedarcp.com