Conrad Expands in North America and Shapes the New Miami Skyline.

Business & Travel Editors

NEW YORK/LONDON--(BUSINESS WIRE)--July 8, 2003

In what is planned to be the start of an expansion of Hilton's luxury brand in the United States, Conrad Hotels today announced the signing of an agreement to manage the 203-room Conrad Miami. Located in the heart of Miami's financial district, the property is the first new-build, free-standing Conrad hotel in the U.S. and joins other luxury Conrad properties in such world-class destinations as London, Hong Kong, Bangkok, Brussels and New York.

The Conrad Miami, owned and developed by Estoril, Inc., will open in January 2004 and is set to become a recognized icon on the Miami skyline. Part of the new Espirito Santo Plaza, the 36-floor building features innovative architectural design with a distinctive steel and glass exterior.

Future Conrad management agreements are in various stages of negotiation in other United States cities, including: San Diego, California; Indianapolis, Indiana; Seattle, Washington; and Las Vegas, Nevada. Details on these projects will be announced as plans are finalized.

Besides North America, new Conrad resort and spa hotels are scheduled to open in Bali, Indonesia, by February 2004 and Phuket, Thailand, in November 2004 -- as announced in Bangkok today. Conrad Hotels is also looking at other opportunities in Europe and in the Middle East.

Dieter Huckestein, President - Hotel Operations, Owned & Managed for Hilton Hotels Corporation, commented: "As a key part of our Conrad global development strategy through management contracts, we are delighted with the forthcoming opening in Miami, the other projects in North America and our announced expansion in Asia. This growth further validates our luxury hotel management expertise. In North America, the success of re-branding the Waldorf Towers, Conrad's first property in the United States, was closely watched by the industry. Now is an ideal time to grow the Conrad portfolio in the U.S. and in all other key markets."

In line with other award-winning Conrad hotels, the Conrad Miami has an excellent business location. On Brickell Avenue, in the financial district, it is just minutes from the Port of Miami, Coconut Grove and the Bayside Market Place -- also ideal for shopping and dining. All other locations, including Key Biscayne and Miami International Airport are just 15 to 20 minutes from the hotel.

Manuel Fernando Espirito Santo, Member of the Executive Committee of the World Travel and Tourism Council, of the Espirito Santo Group, and Board Member of Espirito Santo Bank, said: "We are delighted to have signed with Conrad Hotels. It is a name with a global reputation for service and an excellent commercial network. Their presence will be of great benefit to Espirito Santo Plaza's residents, office tenants and to the overall Miami business community."

The spectacular architectural design and quality of Espirito Santo Plaza is a perfect match for Conrad Hotels. The main building entrance takes visitors across a bridge over a dazzling pool and a garden walk alongside retail outlets. A magnificent atrium welcomes hotel guests on the 26th floor. It hosts the hotel lobby, restaurant, lounge and bar and separates the contemporary 203 hotel guest rooms from the building's 116 serviced luxury apartments. A superbly equipped health and fitness center complements the outdoor facilities, which will include two tennis courts and an impressive swimming pool.

The luxurious $180-million, mixed-use complex provides additional prime office space and will be the headquarters of the Espirito Santo Bank of Florida. An up-market retail center and a 12-level car park are also a part of the project.

With 15 award-winning luxury hotels already strategically located in capital cities and exotic resorts in Europe, the Americas, Asia Pacific and the Middle East/Africa, Conrad Hotels continues to grow its portfolio worldwide.

Conrad offers outstanding service for both business and leisure travellers. The hotels provide the finest accommodation, excellent restaurants, fully equipped health clubs and sophisticated conference and meetings facilities. Conrad guests also benefit from Hilton's worldwide reservation system and its highly acclaimed guest loyalty program, Hilton HHonors(R).

NOTES TO THE EDITOR:

Conrad Hotels is a joint venture owned equally by Hilton International and Hilton Hotels Corporation. Hilton Hotels Corporation manages and develops 2,084 hotels, resorts and timeshare properties and represents a wide range of brands across North and Central America. These include: Hilton Hotels and Resorts, Hilton Garden Inn, Doubletree, Embassy Suites, Hampton, Homewood Suites by Hilton and the Conrad brand.

Hilton International (HI), an operating division of the U.K.-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, representing the Hilton, Scandic and Conrad brands.

A marketing alliance between Hilton International and the North America-based Hilton Hotels Corporation, extends the number of hotels of both companies worldwide to 2,484, as of July 2003.

From a small family-run brokerage firm founded by Jose Maria Espirito Santo Silva in 1884, Group Espirito Santo has grown to become one of Portugal's most powerful banking and financial institutions. Today, Banco Espirito Santo (BES), its Portuguese banking subsidiary, operates the country's largest integrated single network of branches, with more than 420 local offices. BES has consistently been considered the most profitable bank in Portugal, enjoying the highest ratings among Portuguese banks from Standard & Poor's and Moody's.