Moevenpick Hotels & Resorts Opens Second Property in Thailand

DUBAI, UAE, May 11, 2011 - Moevenpick Hotels & Resorts is undertaking management of the
39-Residence The Palm Beach Club and rebranding it Moevenpick Residences
Laguna Beach Phuket with immediate effect.

(Photo: www.newscom.com/cgi-bin/prnh/20111105/453926 )

The property will ideally complement the Moevenpick Resort &
Spa Karon Beach Phuket, the first property the company opened in Thailand in
2006.

Both Phuket properties harmoniously blend Thailand's gentle
way of life with the Swiss tradition of hospitality and attention to detail
to create two striking holiday getaways for discerning travellers.

Moevenpick Residences Laguna Beach Phuket is located on Bang
Tao Beach, one of Phuket Island's most pristine beaches and famous among
golfers. The Phuket International Airport and several world-class golf
courses, including Blue Canyon Country Club and the Laguna Phuket Golf Club
are within a 20-minute drive from the property.

The resort features luxurious penthouses and two and
three-bedroom suites, all blending the best of Thai and contemporary design.
Modern interiors evoke an easy living design complete with large balconies
and some come with a private pool or Jacuzzi. All are designed to provide a
perfect haven for families, friends and long-term guests, creating a
delightful ambience for a memorable holiday.

"We are pleased to have the opportunity to operate this
exclusive retreat and to expand our presence in Thailand, one of Asia's top
leisure destinations," said Andreas Mattmueller, Chief Operating Officer of
Moevenpick Hotels & Resorts, Middle East & Asia. "We have plans to increase
our portfolio in the country and to operate six hotels in Thailand by 2014."

Guests can choose from a variety of leisure and entertaining
facilities including an expansive swimming pool nestled amid tropical
gardens, lively dining options and a modern fitness centre. Spa enthusiasts
will enjoy Blossom Spa, a world-class facility offering traditional Thai
treatments.

Guido Karl Wenk, owner of Diamond Management Co. Ltd. and
property owner said, 'We are delighted to team up with Moevenpick Hotels &
Resorts. Their experience in the market will assist our efforts to further
promote our property to international levels."

Since 2010 Moevenpick Hotels & Resorts has extended its Asian
presence beyond Thailand and Vietnam, with new developments announced in
China, Malaysia, Sri Lanka and India. The recent opening of Moevenpick
Heritage Hotel Sentosa in Singapore and Moevenpick Resort & Spa Cebu in
Philippines indicate the strategic Asian expansion for the Swiss-based hotel
company.

For further information and reservations, please visit:
www.moevenpick-phuket-laguna.com

For further information: Laura Perez, Director of Communications - ME,
P.O.Box 500590, Dubai , UAE, Phone +971-4-367-1927, Fax +971-4-367-2688,
laura.perez at moevenpick.com