Located in the business and diplomatic district with easy access to the Beijing International Airport, the 364 guest room hotel has established itself as one of the capital's most successful five-star properties since opening in January 1994.  The existing contract was due for renewal between Hilton International (HI) and Oriental Arts Building Company Limited (OAB), which is a sino-foreign joint venture of China Travel Service (Holdings) Corporation

On the left, Mr. David Michels, CEO, Hilton Group plc and Mr. Fang Xiao Rong, Party Secretary & Vice President � China Travel Service (Holdings) Corporation of China; Chairman � Oriental Arts Building Company Limited

David Michels, Chief Executive, Hilton Group plc, said: �The extension of our management agreement underlines the quality of our partnership with OAB and the long-term commitment that both parties have in developing the full potential of the Hilton Beijing. This reflects positively on the brand value of Hilton International and the standing of its cutting edge management systems and worldwide reservation and sales network.�

Mr. Fang, OAB Chairman, said "We are very pleased with the management expertise demonstrated by Hilton International over the past 10 years and the way in which they have strengthened the hotel's market position over the past couple of years despite the opening of a number of additional new five-star hotels in the city. We look forward to the next 10 years with great expectations and are certain that the business relationship between both parties will be further strengthened".

Hilton International is committed to global expansion and to bringing the world's most powerful hotel brand to key cities in the People�s Republic of China. It already operates five hotels in the country -- located in Beijing, Chongqing, Dalian, Nanjing and Shanghai.

CTS Holdings Corporation of China, the core enterprise of China Travel Service (�CTS�) Group, comprises of its subsidiary companies, holding companies, pool companies, local CTS companies, CTS Hong Kong, CTS Macao and CTS College of Jinan University.  The strategy of CTS Group is �taking tourism as the main business and developing diversified economy�.  With joint efforts of the Group members, the Group has formed a nationwide tourism service network, which extends to various foreign countries.  It has become a comprehensive entity that engages in travel and tourism, hotel management, passenger and cargo transport, automobile charter services, commerce and trade, etc.  For further information on CTS, please see the website � http://www.ctsgroup.com.cn

Chinese Estates Holdings Limited (�Chinese Estates�) is incorporated in Bermuda with securities listed on the Hong Kong Stock Exchange and is principally engaged in property investment and development, property management and securities investment in Hong Kong and China.  The major properties in Hong Kong are office towers and shopping arcades.  The properties portfolio in China are strategically located at major cities namely Beijing, Shanghai and Shenzhen.  For further information, please see the corporate website of Chinese Estates � http://www.chineseestates.com

Hilton International (HI), an operating division of the UK based Hilton Group plc, owns the rights to the Hilton brand name throughout the world, with the exception of North America. HI operates over 400 hotels, with some 250 branded Hilton, over 150 under the mid-market Scandic brand plus 15 luxury Conrad hotels. Hilton International employs over 44,000 staff in over 70 countries. A global marketing alliance between Hilton International and the North American based Hilton Hotels Corporation (HHC), extends the number of hotels operated by both companies worldwide to over 2,400 � over 500 of which are branded Hilton.