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.”

——-