Hilton Signs Fourth Management Agreement in Hungary

AUGUST 24, 2007. Hilton Hotels Corporation has signed a management agreement with Rupphegyi Ingatlanfejleszto Korlatolt Felelossegu Tarasag to open the new Hilton Residence Buda Hills Budapest in early 2010. The move reflects the hotel group’s ongoing expansion across Europe and will compliment Hilton’s two existing Hungarian hotels - Hilton Budapest and Hilton Budapest West End. A third property, the 216 room Hilton Visegrad, is due to open in January 2009.Welcoming the announcement, Wolfgang Neumann, President of Hilton Hotels Europe, said: “Budapest’s position as a key cultural destination and commercial hub for Eastern and Central Europe represents an exciting opportunity for Hilton to introduce its world-class portfolio of quality hotels across the country. With two properties already operating in Budapest and a third hotel to open in early 2009, we believe the strong growth in demand for quality accommodation by corporate and leisure markets alike, has created an extremely positive environment within the Hungarian hotel sector.”Neumann added: "The introduction of Hilton Residence Buda Hills Budapest as a long-stay apartment property within an exciting multi-purpose development means that we are perfectly situated to meet new market demands and significantly strengthen our presence within Budapest." The Hilton Residence Buda Hills Budapest will be located in the Hungarian capital’s Budaors commercial district and will form part of a new multi-purpose development comprising of restaurants, a business park and private residential homes. The Residence will offer 120 apartments (73 one bedroom; 14 two bedroom and 33 studio apartments) and feature a lobby bar, meeting rooms and a gym facility. Guests will also have the use of an adjacent restaurant and spacious Spa and Health Club. Mr. Zoltán Gubijev, President and CEO of REAX Invest Zrt. said: "As this project represents our first hotel development we are delighted to be partnering with one of the industry’s leading hotel operators. The agreement brings with it the Hilton group’s international brand and recognition, and gives us access to valuable resources and customers."

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