LONDON, March 5, 2003 - The Dorchester Group, the London-based hotel property and management company wholly owned by The Brunei Investment Agency, announced today that it has entered into a binding agreement to purchase the Hotel Principe di Savoia in Milan, Italy.  Effective upon completion of the transaction, the Dorchester Group will assume the full management of the hotel.
 

The Hotel Principe di Savoia, currently owned and managed by the US based Starwood Hotels and Resorts Worldwide Inc. and marketed under the Luxury Collection brand, is one of Europe's most prestigious hotels with an international reputation for the quality and excellence of its service and facilities.  Located in Milan's business centre, the 404 room hotel has consistently been placed among the world's best hotels by magazines Travel + Leisure and Conde Nast Traveler. On completion, which is expected towards the end of June, the Hotel Principe di Savoia will be managed and marketed by the London-based Dorchester Group as part of the

Hotel Principe di Savoia  Piazza Della Repubblica 17 - 20124 Milano, Italy

"This was a rare and very timely opportunity to buy an outstanding property which matched our acquisition requirements in every way -- The Principe di Savoia is an excellent investment with potential for a good financial return, it enjoys a superb location in a gateway city, has a sense of tradition and history, and is architecturally of interest.  I have no doubt that our loyal following of guests will appreciate what is, in all aspects, a perfect addition to our small collection of outstanding hotels," says Ricci Obertelli, Director of Operations for the Dorchester Group.

Located on Milan's Piazza Della Republicca, the five star deluxe Hotel Principe Di Savoia was meticulously restored to the highest standards just over ten years ago.  The hotel was opened in 1927.  The 404 spacious guest rooms and suites are furnished in an elegant 19th century Lombard style and equipped with the latest communications technology.  The world-renowned Presidential Suite offers 500 square metres of pure luxury, with its own private pool.  Food and Beverage facilities are extensive, with four restaurants, including the Michelin-starred Altro-Luogo Aimo E Nadia Restaurant.  The hotel also boasts an extensive Spa with swimming pool.  There are 17 private meeting and banqueting rooms.

The Dorchester Group was established in 1996 as an independent UK registered company to manage an evolving international collection of luxury hotels. The Dorchester Group is wholly owned by The Brunei Investment Agency, which is the strategic investment arm of the Ministry of Finance of the Government of Brunei and is charged with managing Brunei Government assets overseas.

The Dorchester Group's mission is to manage and, where appropriate, own an impeccable portfolio of the finest "grand" hotels in Europe and the United States, with a commitment to preserving and maintaining the highest possible standards of service and excellence.  Its intention is to bring together, over a period of time, a select number of the world's premier hotels, cultivating their reputations for individual character, friendly and caring staff, beautiful and comfortable accommodation with the highest quality food and service in superb locations.

The Dorchester Group collection of hotels consists of The Dorchester in London, The Beverly Hills Hotel in California and the Hotel Meurice in Paris, all of which are owned and managed by the Group, and The Plaza Athenee in Paris, which is under a management contract to the Group.