A strategic location

In the heart of the tourist destination, adjacent to the Disney Theme Parks and convention centers, this new hotel will be strategically located on the celebrated 27-hole Golf Disneyland®. Offering top quality amenities and providing a relaxed and comfortable atmosphere, it will accommodate both families and business-oriented guests.

This four-star, 250-room hotel will meet the needs of family and business travelers alike: offering three- or four-person rooms and suites to accommodate families as well as ballroom and conference suites adjacent to a business center for meetings and events. Food and beverage facilities will include two restaurants, a lounge, and health & leisure facilities including a club with fitness room, sauna, juice-bar, swimming pool and beauty parlor.

Characteristic architecture

The new Radisson SAS Hotel at Disneyland® Resort Paris has been designed by the architect Demetri Porphyrios, who has already contributed to concept design projects in Val d�Europe. Showcasing characteristic architecture inspired by eighteenth and nineteenth century French rural buildings, the hotel will harmoniously take its place in the surrounding lush landscape.

An exclusive partnership

Dominique Cocquet, Euro Disney S.C.A executive vice president, stated: �Euro Disney S.C.A is extremely pleased with this new deal with such major actors in the business field recognized for their know-how in the hotel and real-estate industries. We are also pleased to commence this collaboration with the Radisson SAS Hotels & Resorts brand, giving us the opportunity to extend our commercial presence in Northern Europe.�

Kurt Ritter, president & CEO, Rezidor SAS Hospitality, stated: �Our expansion plans in France are entirely in line with the ambitious targets we have set for the chain. Disneyland® Resort Paris is ranked as one of Europe�s leading tourist destinations and we are anxious to introduce Radisson SAS Hotels & Resorts to its visitors. To complement the success of Radisson SAS Hotels & Resorts, we will soon introduce Rezidor SAS� other brands to France as well.  Our close relationship with SAS Airlines will enable us to attract even more guests to Disneyland Resort Paris.�

Aref Lahham, Managing Director of Orion Capital Managers, the manager of Orion, stated: �We are extremely pleased to launch our first hotel development in France in one of Europe�s leading tourist destinations and with one of the best hotel operators. Orion intends this hotel development to be the first of many to come across continental Europe in the next few years.�

About Euro Disney S.C.A.
Euro Disney S.C.A operates Disneyland® Resort Paris, European�s number one tourist destination, located approximately 20 miles from Paris, France. Since opening in April 1992, Disneyland® Resort Paris has welcomed more than 130 million guests in its two Theme Parks � Disneyland® Park and Walt Disney Studios® Park � its seven Disney themed Hotels, the Disney® Village Entertainment centre and Golf Disneyland®. In addition, Euro Disney S.C.A is involved in the real estate development of the 1,943-hectare area surrounding Disneyland® Resort Paris, thus participating actively in the economic development of the Eastern Paris region.

About Rezidor SAS Hospitality.
One of the fastest growing Hospitality companies in the world, Rezidor SAS Hospitality has a portfolio of five brands. Rezidor SAS is the sole franchiser in Europe, the Middle East and Africa of the Carlson brands: Radisson SAS Hotels & Resorts, Park Inn, Country Inn and Regent. In March 2003, Rezidor SAS Hospitality announced its new �lifestyle� hotel brand Cerruti, a joint initiative with the international fashion house. Rezidor SAS Hospitality currently represents 210 hotels in operation and under development in 40 countries. The company aims to include 700 hotels under the different brands by 2012. For more information on Rezidor SAS and its five brands, visit: www.rezidorsas.com.

About Radisson SAS Hotels & Resorts.
Part of Rezidor SAS Hospitality, Radisson SAS currently operates 127 hotels in 36 countries in Europe, the Middle East and Africa, with a further 30 such projects in development. Radisson SAS Hotels & Resorts is a �four-star plus�, �club class� hotel brand clearly differentiated from other brands by a 100% Guest Satisfaction Guarantee and the �Yes I Can� spirit of service.

About Orion (Orion European Real Estate Fund C.V.).
Orion is a 2 billion Euro fund that invests in real estate across Europe. As of today, Orion has already invested over Euro 1 billion in Europe in different types of assets, including offices, shopping centres, business Parks, hotels and warehouses.

About Orion Capital Managers L.P.
Orion Capital Managers is the management company in charge of Orion.