Moevenpick Hotels & Resorts Enters the Philippines

Idyllic Resort Provides Stunning Addition to Asian Network

DUBAI, UAE, April 5, 2011 - Moevenpick Hotels & Resorts is further strengthening its Asian
network by undertaking management of the Moevenpick Resort & Spa Cebu with
immediate effect.

The Mediterranean-inspired enclave, set on its own private
beach on Mactan Island, offers white sandy beaches and excellent diving and
snorkelling, while guests looking for a more energetic stay can head into
Cebu, with its vibrant nightlife and extensive shopping, half an hour away.

An impressive range of room categories includes deluxe and
executive rooms, as well as one and two-bedroom Executive Spa Suites. Most of
the rooms offer direct sea views and the suites are designed in striking Art
Deco style, offering balconies with sea views, living room and expansive
bathroom with Jacuzzi. The stunning two bedroom Ocean Suite features a
separate dining area.

The resort contains three executive floors and an executive
lounge, making it perfect for meeting retreats or unwinding executives
looking to combine work and leisure.

Guests can choose from five restaurants and bars, with open
kitchens designed by Dan Kwan, and keep in shape at the fully equipped health
club, professional gym, steam room and garden spa.

Jean Gabriel Pérès, President and CEO of Moevenpick Hotels &
Resorts, said: "We are very excited about our arrival in the Philippines. It
is a significant milestone for Moevenpick Hotels & Resorts as it marks our
15th signed hotel in Asia."

Manuel Osmeña, Group Chairman of property owner Oikonomos
International Resources Corporation said: "We are delighted to have joined
hands with Moevenpick Hotels & Resorts, a highly regarded international hotel
management company. We look forward to a successful collaboration and
tofurther position our resort as a preferred leisure destination within the
Philippines and Asia."

Since late 2010 Moevenpick Hotels & Resorts has extended its
Asian presence beyond Thailand and Vietnam, with recent developments
announced in China, Malaysia, Sri Lanka and India. In addition, this month's
soft opening of the Moevenpick Heritage Hotel Sentosa in Singapore is further
evidence of the expansion of the Moevenpick Hotels & Resorts portfolio in
Asia.

www.moevenpick-hotels.com

For further information: Moevenpick Hotels & Resorts, Laura Perez, Director of Communications - ME, Shatha Tower, Floor 39, Office 3903, P.O.Box 500590, Dubai , UAE, Phone +971-4-367-1927, Fax +971-4-367-2688, laura.perez at moevenpick.com