FIRST MARRIOTT EXECUTIVE APARTMENTS

The first Marriott Executive Apartments in Bangkok will open in 2002 as a result of a management agreement reached between Marriott International, Inc. (NYSE:MAR) and Golden Land Property Development Public Company Ltd. Construction is expected to begin in the fourth quarter of 2000.

When opened in 2002, it will be one of the first internationally branded and managed extended stay lodging products in Bangkok and Marriott International’s fourth lodging property in the city.

The 162-unit The Mayfair, Marriott Executive Apartments will be located on Langsuan Road in central Bangkok. Generally regarded as Bangkok’s embassy district, the site is within walking distance of the newly completed Bangkok Transit System and is easily accessible by car from the central business district’s primary office buildings.

“We are very excited to see our lodging portfolio in Bangkok grow to include our first extended stay hotel product in Thailand,” said Ed Fuller, president and managing director of international lodging for Marriott International. “We are confident that the consistently high quality of the facilities offered by The Mayfair, Marriott Executive Apartments will be very popular among long-stay guests in Bangkok.”

Golden Land Chief Executive Officer Liakat Dhanji said he had every faith that his company’s tie-up with Marriott International would attract “keen interest” from people wanting to live in a luxury serviced apartment in the heart of Bangkok. According to James A. Kaplan, vice president of hotel development for Marriott International, “The Mayfair, Marriott Executive Apartments is an exciting addition to our portfolio of lodging products in Thailand. We look forward to our relationship with Golden Land and to expanding our presence in Thailand.”

The Mayfair, Marriott Executive Apartments will offer a mix of apartment layouts, including studios and one-, two- and three-bedroom units.

For dining, the property will offer a Bistro Lounge that will be open 18 hours daily and will serve breakfast, lunch and dinner as well as take-out service. Other amenities will include a resident lounge, multipurpose/game room, room service during the operational hours of the Bistro Lounge, resident service desk, on-property resident storage room and a car park offering 161 spaces. Recreational amenities will include a swimming pool and a fitness center.

Marriott Executive Apartments are designed to meet the housing needs of business executives on an overseas assignment of 30 days or more.

Marriott International is currently represented in Thailand by the 425-room JW Marriott Hotel Bangkok, the 417-room Marriott Royal Garden Riverside Hotel, and the 254-room Ramada Tawana Hotel Bangkok.

In Asia, Marriott Executive Apartments are represented by the 136-unit The Atrium in Hong Kong and the 179-unit Lakeside Chalet Mumbai, Marriott Executive Apartments. Additional Marriott Executive Apartments are located in Hungary and The Czech Republic. Under construction is the 237-unit Shanghai Marriott Executive Apartments, which is scheduled to open in 2001.