AGREEMENT SIGNED FOR A NEW RADISSON SAS HOTEL AT DISNEYLAND® RESORT

Marne-La-Vallée,  September 11th 2003 - Euro Disney S.C.A,  Rezidor SAS
Hospitality and Orion (Orion European Real Estate Fund C.V.) announced
today the signature of a joint agreement concerning a new Radisson SAS
Hotel at Disneyland® Resort Paris.  The hotel will be developed by a
subsidiary of Orion and managed by Radisson SAS Hotels &  Resorts.
Construction is expected to begin in January 2004 and completion is
scheduled for summer 2005.  It will be a “Disneyland®  Resort Paris
Associated Hotel”.

A strategic location
In the heart of the tourist destination,  adjacent to the Disney Theme
Parks and convention centres,  this new hotel will be strategically
located on the celebrated 27-hole Golf Disneyland®.  Offering top
quality standards and providing a relaxed and comfortable atmosphere,
it will accommodate both families and business-oriented tourists.
This 4-star,  250-room hotel will meet the needs of family and business
audiences alike:  3-  or 4-people rooms and suites to accommodate
families;  ballroom and conference suites adjacent to a business centre
for meetings and events.  Food and beverage facilities will include two
restaurants, a lounge, and health & leisure facilities including a club
with fitness room, sauna, juice-bar, swimming pool and beauty parlour.
Characteristic architecture
The new Radisson SAS Hotel at Disneyland®  Resort Paris has been
designed by the architect   Demetri   Porphyrios,  who has already
contributed to concept design projects in Val d`Europe.  Showcasing
characteristic architecture inspired by eighteenth and nineteenth
century French rural buildings,  the hotel will harmoniously take its
place in the surrounding lush landscape.

An exclusive partnership
Dominique Cocquet, Euro Disney S.C.A Executive Vice President, stated:
“Euro Disney S.C.A is extremely pleased with this new deal with such
major actors in the business field recognised for their know-how in the
hotel and real-estate industries.  We are also pleased to commence this
collaboration with the Radisson SAS Hotels & Resorts brand,  giving us
the opportunity to extend our commercial presence in Northern Europe.”
“Our expansion plans in France are entirely in line with the ambitious
targets we have set for the chain. Disneyland® Resort Paris is ranked as
one of Europe`s leading tourist destinations and we are anxious to
introduce Radisson SAS Hotels & Resorts to its visitors.  To complement
the success of Radisson SAS Hotels & Resorts,  we will soon introduce
Rezidor SAS`  other brands to France as well.”  says Kurt Ritter,
President & CEO, Rezidor SAS Hospitality.


He continues:  “Our close relationship with SAS Airlines, will enable us
to attract even more guests to Disneyland Resort Paris.”

Aref Lahham,  Managing Director of Orion Capital Managers,  the manager
of Orion, stated:
“We are extremely pleased to launch our first hotel development in
France in one of Europe`s leading tourist destinations and with one of
the best hotel operators.  Orion intends this hotel development to be
the first of many to come across continental Europe in the next few
years.”
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