The Ritz-Carlton Hotel Company, L.L.C. and Orient-Express Hotels Ltd. Announce "Marketing Services Agreement" for Historic Hotel Ritz Madrid SA

The Ritz-Carlton Hotel Company, L.L.C. and Orient-Express Hotels Ltd. today announced that they have signed a marketing services agreement relating to the historic Hotel Ritz Madrid. The agreement, which goes into effect September 9, will make it possible for travel agents and business/leisure/group customers to access the worldwide reservations system of The Ritz-Carlton Hotel Company when booking accommodations at Hotel Ritz Madrid.

"We are pleased to add Hotel Ritz Madrid to our global reservation system, feature it on our web site, and to offer future promotional and sales support which will expand the market share opportunities," said Simon F. Cooper, president and chief operating officer of The Ritz-Carlton Hotel Company. He noted a similar "Partner Hotel" relationship is in effect with The Ritz London.

Hotel Ritz Madrid SA, owned by Orient-Express Hotels Ltd. and Omega Capital, a major Spanish investment company, opened in 1910 and is one of the world's most notable luxury properties. Located in the center of Madrid, the 167-room landmark is one of several hotels in major European cities which trace their origins back to famed Swiss hotelier Cesar Ritz. Among Hotel Ritz Madrid's special features are its location next to the Prado Museum, its grand dining terrace and gardens and extensive meeting and function space.

Simon Sherwood, president, Orient-Express Hotels said, "This partnership will create excellent opportunities for both companies. Hotel Ritz Madrid will have the pleasure of hosting Ritz-Carlton guests from all over the world and The Ritz-Carlton will have a home away from home for its guests in a city where it is not currently independently represented. We look forward to extending our hospitality to them."

Reservations at The Hotel Ritz Madrid can be made with immediate effect, as of September 9 through the following European toll free numbers:

Austria         0800 201 127
France          0800 907 203
Germany         0800 181 2334
Holland         0800 0220 600
Italy           800 872 076
Spain           900 984 466
Sweden          0207 93120
Switzerland     0800 553 986
U.K.            0800 234 000
U.S./Canada     800-241-3333

The Asia toll free numbers are as follows:

Australia       0011-800 241 33333
China           00-800 241 33333
Hong Kong       001-800 241 33333
Indonesia       001-803 657 794
Malaysia        00-800 241 33333
New Zealand     00-800 241 33333
Singapore       001-800 241 33333

On-line booking is available through the Ritz-Carlton web site, www.ritzcarlton.com. For GDS reservations for The Hotel Ritz Madrid, the chain code OE will continue to apply.

The Ritz-Carlton Hotel Company, L.L.C. of Chevy Chase, MD (USA) currently operates 59 hotels in the Americas, Europe, Asia, the Middle East and Africa. Over 20 projects are under development around the world, with properties slated for opening in Grand Cayman, Moscow and Beijing in 2005-2006. The Ritz-Carlton is the only service company to have twice earned the prestigious Malcolm Baldrige National Quality Award, which recognizes outstanding customer service. For more information, contact Ritz-Carlton toll free reservations at 1-800-241-3333, a travel consultant, or visit www.ritzcarlton.com.

Orient-Express Hotels, Trains and Cruises (www.orient-express.com) is a hotel and leisure company providing luxury travel experiences for discerning travelers in areas of outstanding cultural, historic or recreational interest. Founded in 1976 when the company acquired Hotel Cipriani in Venice, Orient-Express owns or has investments in 49 businesses: 38 highly individual hotels, three restaurants, six tourist trains and two river cruise operations, operating in 25 countries worldwide.

Notes for Editors:

QUESTIONS AND ANSWERS FOR THE MARKETING AGREEMENT BETWEEN THE RITZ-CARLTON
HOTEL COMPANY, L.L.C. AND THE HOTEL RITZ MADRID

Q: What does the marketing agreement entail?

A: The marketing agreement means that the Hotel Ritz Madrid will be
   included in:

   -- The Ritz-Carlton Hotel Directory
   -- The Ritz-Carlton website
   -- The Ritz-Carlton 800/0800 numbers

The Hotel Ritz Madrid will also be sold by The Ritz-Carlton Hotel Company
International Sales Offices.

Q: Will The Ritz-Carlton Hotel Company be managing the Hotel Ritz Madrid?

A: No, this is not a management agreement; it is a marketing agreement
   only. The hotel will continue to be managed by Orient-Express.

Q: Will the Hotel Ritz Madrid retain its other marketing affiliations?

A: There are no plans to change any existing partnerships.

Q: Is this agreement for the other "Ritz" hotels in Europe such as
   The Ritz Paris?

A: No. It is in addition to the marketing agreement with The Ritz London,
   which is an independent hotel and has no relationship with the
   Hotel Ritz Madrid and does not include The Ritz Paris.

Q: Will there be any staff changes at Hotel Ritz Madrid as a result
   of this agreement?

A: No. The management and staffing of Hotel Ritz Madrid will
   not be affected.