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Conrad Hotels and Kite Companies Announce Management Agreement

Conrad Hotels
, the luxury brand of the Hilton Family of Hotels,
announced today that it has signed an agreement with Kite Companies, to operate and
manage a newly built, luxurious Conrad hotel and residences that will be located in
Downtown Indianapolis, adjacent to the Arts Garden.This groundbreaking luxury property in Indianapolis will feature 243 luxury
guest-rooms along with 16 high-end residences and an upscale dining, sophisticated
spa and fitness facilities and over 10,000sqft of meeting space.  The hotel, which
will be located at 50 West Washington Street in Indianapolis, is scheduled to open
to guests in March 2006.

“We are delighted to work with Kite Companies on such an outstanding hotel project,”
said Clem Barter, president of Conrad Hotels.  We believe this first truly luxury
hotel in Indianapolis will be extremely successful, not only for its location but
for its outstanding features.  This new development also fits into our worldwide
expansion plan and complements the Conrad hotels we provide in New York, Miami, and
will soon offer in Las Vegas and other major gateway cities across North America and
around the world.”

“We are very excited to bring the internationally renowned Conrad Hotels brand to
our great city,” said Thomas McGowan, Principal/Executive Vice President of
Indianapolis based Kite Companies. “The five star luxury hotel and residences
project which will be managed by Conrad will add a completely new dimension to our

Boasting exemplary design and architecture, the future Conrad Indianapolis will have
6 floors of residences, accessed by a private entrance. The residences will boast
access to a variety of attractive facilities and amenities associated with a luxury
property.  Designed by Brennan Beer Gorman and Brennan Beer Gorman Monk for
discerning business and leisure guests, the Conrad hotel will offer a fully staffed
business centre and offices, 9 meeting and boardroom facilities, a luxurious spa and
fitness centre, and a heated swimming pool that measures 20 feet by 50 feet. Located
just one block from Monument Circle, the hotel will be in the heart of downtown
Indianapolis and will be connected by the skybridge system to both the Indiana
convention center and the RCA Dome.  The Indianapolis Airport is just 20 minutes
away from the hotel.