Le MÌ©ridien Hotels & Resorts and Deka Immobilien are pleased to announce the sale of the five star, 208 room Le MÌ©ridien Barcelona on the Ramblas in Barcelona to Deka Immobilien Investment GmbH.

The property, which will continue to be managed by Le Méridien on a long term lease is recognised as being amongst the best located 5 star hotels in Barcelona and benefits from direct frontage to the world renowned Ramblas. The hotel first opened in 1958, and it is now benefiting from a major capital expenditure programme totalling €20 million that will see it retain its position as one of the leading hotels in the city. The ground floor refurbishment commenced in September 2002 and will now extend to the meeting rooms and the remaining bedrooms, incorporating Le Méridien`s Art + Tech design concept.

Juergen Bartels, Chief Executive of Le Méridien Hotels & Resorts, said, “This transaction is the first in the second phase of our sale and leaseback programme. We are delighted that DEKA Immobilien are sharing our vision for the future of this landmark property, and look forward to its even greater potential once the refurbishment has been completed”.

Marius Schöner, Director of Deka Immobilien added, “We are delighted to have acquired this substantial and unique property in the heart of one of Europe`s leading cities”.

Deka Immobilien Investment GmbH is part of the DekaBank Group, the main investment services branch of the Sparkassen Finance Group. With a managed funds total of some EUR 16 billion (as of Dec. 31 2002), the company, which was founded in 1967, is the market leader among open-ended property funds in Germany.

Le Méridien is a global hotel group with a portfolio of over 140 luxury and upscale hotels (38,000 rooms) in 55 countries worldwide. The majority of its properties are located in the world`s top cities and resorts throughout Europe, the Americas, Asia Pacific, Africa and the Middle East. The company also enjoys a strategic alliance with JAL-owned Nikko Hotels, providing loyal guests access to an additional 43 properties around the world. Headquartered in London, Le Méridien Hotels & Resorts Group was formed and financed by the Principal Finance Group of Nomura International plc. The Principal Finance Group has since become independent and is now known as Terra Firma. The Terra Firma Group manages Le Méridien for Nomura International plc.

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