Entities Beneficially Owned by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud Assume 100% Ownership of the Fairmont Copley Plaza Hotel.

BOSTON--(BUSINESS WIRE)--Sept. 20, 1999--

Entities indirectly owned by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud recently purchased its partner's interest in the Fairmont Copley Plaza Hotel becoming the sole owner of the luxurious Boston property. Prince Alwaleed's interests and Olympus Real Estate Corporation initially purchased the property together in September of 1996. Terms of the Olympus buyout were not disclosed. Financing was provided by a bank syndicate led by Fleet National Bank.

Commenting on the transaction, HRH Prince Alwaleed said, "Boston is a world-class city. The Copley Plaza is a world-class hotel, and Fairmont is a world-class brand. I am delighted to have increased our stake in this spectacular hotel."

Simon Turner of Hotel Capital Advisers, Prince Alwaleed's hotel investment advisers, added, "The partnership with Olympus has been mutually beneficial. This transaction satisfies the investment objectives of Olympus while allowing HRH Prince Alwaleed to pursue his long-term commitment to Boston and to this hotel."

Fairmont Hotel Management, L.P. will continue to manage the property. The hotel will continue to provide its guests with the high level of service synonymous with the renowned Fairmont brand.

"By expanding his ownership role at the Fairmont Copley Plaza Hotel, HRH Prince Alwaleed is demonstrating his enthusiastic support not just to Fairmont, but to our stellar Copley Plaza Hotel property and the Boston luxury market," said Edward E. Mace, president and chief executive officer of Fairmont Hotel Management, L.P. As HRH Prince Alwaleed and the Fairmont Copley Plaza continue their relationship, the City of Boston as well as the hotel's guests, can look forward to additional enhancements to the hotel.

Over the past three years the hotel has undergone a multi-million dollar renovation and restoration of all public areas and guest rooms. Furthermore, the hotel opened the Oak Room, an award-winning restaurant. Boston Magazine selected the Oak Room as Boston's best steak house in 1998. In recent months, the hotel has played host to Mikhail Gorbachov, Shimon Peres, Lech Walesa, and President Clinton as well as numerous dignitaries from the fields of commerce, sports, and entertainment.

The Fairmont Copley Plaza Hotel, a AAA four-diamond award winner, was named "a honeymoon haven" by Yankee Magazine and was featured in Gourmet Magazine's "Rooms at the Top". Since its gala opening in 1912, the Copley Plaza Hotel has stood as a landmark and symbol of Boston's rich tradition of culture, history, elegance, and hospitality. The hotel, known as the "Grande Dame" of Boston, is a member of National Trust Historic Hotels. The Fairmont Copley Plaza was built on the original site of The Museum of Fine Arts.

Entities indirectly owned by HRH Prince Alwaleed have substantial interest in many global businesses. In the hotel sector he holds a significant stake in Four Seasons Hotels and Resorts, the NYSE-listed luxury hotel management company. He also owns a number of Four Seasons hotel properties including the Hotel George V in Paris, which will re-open after a complete renovation at the end of 1999. Prince Alwaleed owns a significant stake in Fairmont Hotel Management L.P., as well as a number of Fairmont Hotel properties including The Plaza in New York. Furthermore, Prince Alwaleed owns an interest in Movenpick Holdings, a European gourmet food products, restaurant and hotel company. Each of these companies has a presence in Boston. Four Seasons has a hotel located adjacent to the Boston Public Garden, Fairmont operates the Copley Plaza and Movenpick operates a Marche restaurant in Boston's Back Bay.

In addition to his hotel investments, Prince Alwaleed has interests in the Disneyland Paris resort and theme part; Norwegian Cruise Lines; Citicorp, the global bank holding company; the Canary Wharf real estate development in London; News Corp, the global media conglomerate; Apple Computer; Trans World Airways; America Online; Motorola; Donna Karan International; Hyundai Motor, the Korean automobile manufacturer; Proton, the Malaysian automobile manufacturer; Daewoo, the Korean industrial conglomerate; Planet Hollywood, the restaurant entertainment company; Mediaset, the Italian media and telecommunication company; Teledesic Corp., the satellite network company; Saks Inc., the international retailer; Ballast Nedam Groep, the international engineering and construction firm; and Saatchi & Saatchi Advertising. His Royal Highness also has significant Middle East holdings in the banking, real estate, supermarket, media, broadcast and travel sectors.

Fairmont Hotel Management, L.P. operates six other luxury hotels, in addition to the Copley Plaza in Boston, including The Plaza in New York, and the Fairmont Hotels in San Francisco, Chicago, Dallas, New Orleans, and San Jose/Silicon Valley, offering travelers a choice of 4,263 luxury rooms and suites. More information about Fairmont can be found at www.fairmont.com.