Warsaw, Paris, 16 January 2012 -­‐ Qualia Development, a subsidiary of Poland’s largest bank PKO Bank Polski, and Louvre Hotels Group, a major player in the hotel sector, today announced the signature of a strategic franchise partnership to develop mid and upscale hotels and serviced residences across Poland.

With this agreement, Qualia Development, supported during negotiations by Horwath HTL consultants, will develop seven projects, representing a total of about 1,000 rooms. These establishments, that are expected to open one after another between 2012 and 2016, will be under Louvre Hotel Group’s iconic brands Golden Tulip (4 stars) and Royal Tulip (5 stars).

One hotel will be located in Warsaw next to the airport and major business district. Except from this one, that targets business customers, the other establishments will be mostly condo hotels projects located in popular Polish tourist destinations. Four projects will be located on the Baltic cost (the first destination for holidays for Poles) and another one in Zakopane, in the Tatras mountain (the second most popular leisure destination of the country). The last one will be in the notable spa town Duszniki-­‐Zdro.j

The first project to be opened will be located in the city of Międzyzdroje, a major seaside tourist destination in Poland located only 20 kilometers from Germany. The Golden Tulip Międzyzdroje Residence will be opened in June 2012 and will enjoy a great location about 100meters from the beach and close to the folkloric city center and its famous 395-­‐ meters long pier.

The projects in Międzyzdroje is financed by PKO Bank Polski and the hotel will be managed by a management company part of the group.

For Leszek Piotr Nałęcz, Chief Executive Officer of Qualia Development “The signature of the strategic franchise partnership with Louvre Hotels Group is for us a major milestone in the launch of our hospitality activity. The portfolio of 7 hotels and serviced residences realised with Louvre Hotels are all based on assets already secured by us or by our shareholder PKO Bank Polski Pierre-­‐Frédéric Roulot, Chairman of Louvre Hotels Group, stated: “We welcome this partnership that will enable Louvre Hotels Group to actively participate in the tourism sector in Poland. Louvre Hotels Group is determined to pursue its expansion in the Eastern European market, where we plan to have a portfolio of 40 hotels in 2015."

About Louvre Hotels Group
Following their respective purchase by Starwood Capital in 2005 and 2009, the alliance between Louvre Hôtels and Golden Tulip became Louvre Hotels Group in April 2011, making it a leader in the global hospitality market with more than1,000 hotels in 40 countries ranging from 1 to 5 stars. The Group, established in 1976, now counts 6 brands: Première Classe, Campanile, Kyriad, Tulip Inn, Golden Tulip and Royal Tulip Luxury Hotels.

About Qualia Development
Qualia Development, is part of PKO Bank Polski Group the largest bank in Poland. Qualia Development is one of the biggest residential developer in the country. Since the beginning of its developer activity, Qualia Development already sold more than 3,000 apartments all over Poland.