The Group will enter into a long-term lease agreement with the owner and developer of the hotel, Mitsui Fudosan Co., Limited. Mandarin Oriental has committed to invest approximately US$37 million, principally in 2004 and 2005, into furniture, fixtures, equipment and pre-opening costs.
 

The hotel, to be named Mandarin Oriental, Tokyo, will occupy the top 10 floors of the new 41-story Muromachi Mitsui Shinkan building, which is being incorporated into the 72-year old historic Mitsui Main Building. Internationally renowned architect, Cesar Pelli, is designing the new building complex. "This is a significant step in our strategy to grow the Mandarin Oriental brand worldwide. Opening the most luxurious hotel in Tokyo will fill an important gap in our portfolio of properties in our Asian heartland.  We are delighted to be associated in this way with Mitsui Fudosan's prestigious development in one of the world's most dynamic cities," said Edouard Ettedgui, Chief Executive Officer of Mandarin Oriental International Limited. Stated Mr. Hiromichi Iwasa, CEO of Mitsui Fudosan, "We are pleased to have invited Mandarin Oriental, a leading luxury hotel group with an international reputation for outstanding quality, to Nihonbashi Muromachi, the birthplace of Mitsui Fudosan. In 2006, when Mandarin Oriental, Tokyo opens, we believe that the hotel will be the landmark of Tokyo and will contribute greatly to the revitalization of the Nihonbashi district." With a pre-eminent address in the Nihonbashi district, the 171-room

Mandarin Oriental Hotel Group is an international hotel investment and management group with a portfolio of 20 deluxe and first class hotels worldwide, including one under development in New York. The Group has equity interests in most of its properties and net assets of approximately US$1 billion at 31st December 2000. Mandarin Oriental now operates some 7,000 rooms and employs 9,000 staff globally.  The parent company, Mandarin Oriental International Limited, is incorporated in Bermuda, listed in London, Singapore and Bermuda and has a sponsored American Depositary Receipt programme. Mandarin Oriental Hotel Group International Limited, which operates from Hong Kong, manages the activities of the Group's hotels.  Mandarin Oriental's aim is to be recognised as one of the top global luxury hotel groups, providing exceptional customer satisfaction in each of its hotels. This will be achieved through a strategy of investing in facilities and people, while maximising profitability and long-term shareholder value. The Group regularly receives recognition and awards for outstanding service and quality management. The growth strategy of the Group is to progress towards operating 10,000 rooms in major business centres and key leisure destinations around the world.

Mandarin Oriental, Tokyo will offer panoramic views of the Imperial Palace and its gardens from the guestrooms, suites and sky lobby. In addition, the lobby and reception, located on level 30, will feature sweeping city views of the Central Business District. Positioning itself as Tokyo's leading luxury hotel, the property will feature an exclusive, pampering spa and health club, extensive restaurants and bars, boutique cellars, a cake shop and significant business, meeting and banqueting facilities.

Mitsui Fudosan Co., Limited is the largest real estate company listed on the Tokyo Stock Exchange and is the core company of the Mitsui Group, which was founded in 1673.

Mandarin Oriental Hotel Group is the award-winning owner and operator of some of the world's most prestigious hotels, including The Oriental, Bangkok, Mandarin Oriental, Hong Kong, Kahala Mandarin Oriental, Hawaii and Mandarin Oriental Hyde Park, London. In total, the Group operates 19 luxury hotels in key leisure and business destinations, with a hotel under development in New York (opening late 2003). In total, Mandarin Oriental employs almost 9,000 staff in three continents with 10 hotels in Asia, six in North America and three in Europe.