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 MaMaison Residences, a Subsidiary of Luxembourg 
based Orco Property Group, Opens the
Pachtuv Palace in Prague, Czech Republic

.

Prague – October 12, 2004 – Orco Property Group ontinues to expand their hospitality division with the recent opening of Pachtuv Palace in Prague, a magnificent landmark offering breathtaking views of the Vltava River and Charles bridge, located in the heart of the old city. 
 
Pachtuv Palace, operated by award-winning MaMaison Residences, offers 50 unique and elegant apartments designed for short or extended stays –guests can opt to stay for one night or up to a full year.

MaMaison Residences are the only collection of serviced apartments in Central Europe, which caters to business and leisure travelers, expatriates and relocating executives. “Serviced apartments” are essentially full sized apartments with hospitality services comparable to a fine hotel. MaMaison Residences provides a 


Pachtuv Palace
Karoliny Svetle 34
Prague,  Czech Republic
home-like environment for a lower price than comparable deluxe hotels. Current locations include Prague, Budapest, Bratislava and Warsaw. Through its association with the European Bank for Reconstruction and Development (EBRD), MaMaison Residences have the resources to finance rapid development and to position itself as leader within its sector in Central and Eastern Europe over the next five years. 

Orco Hotel Collection also forms part of the hospitality arm of Orco Property Group. A collection of luxury boutique hotels, the Orco Hotel Collection features unique designs in luxurious surroundings, with locations in key Central European cities. The portfolio includes the Andrassy Hotel in Budapest; the Riverside Hotel in Prague, the Hotel Regina in Warsaw and the Imperial Hotel in Ostrava.  With the exception of the Imperial Hotel, all hotels are members of the Small Luxury Hotels Association. Aggressive expansion is also underway throughout Central Europe with plans to open hotels in all major Central and Eastern European capitals.

Orco Property Group, the most innovative hospitality and real estate company in Central Europe, will continue the rapid expansion of their hotel and serviced apartment brands throughout Central and Eastern Europe, in response to unmet demand. 

Orco Property Group’s founding visionary, President and Chief Executive Officer, Jean-Francois Ott continues to direct Orco’s hospitality division into the future, guiding the firm’s expansion in conjunction with MaMaison Residences CEO, Nicolas Tommasini and Orco Hotel Collection, Managing Director Mr. Gilbert Irondelle.

Orco Property Group is a developer, investor and asset manager of real estate in Central Europe. The company’s portfolio includes commercial and residential properties, hotels and serviced apartments. The company is publicly listed on Euronext-Paris. 


 
Contact:
Orco Property Group
Catherine McNabb
Sales and Marketing Director
MaMaision Residences
ctm@orco.cz
www.orcogroup.com
www.mamaisonresidences.com
Also See: Dirom Building Investments & Development Ltd Selects Hilton International to Operate the Hilton Warsaw & Convention Centre Scheduled to Open in 2004 / March 2002


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