Hotel Palais Schwarzenberg Crowns the JJW Group Portfolio in Austria

Vienna, March 5th, 2007 – On February 26th, 2007 the long-term partnership between the princely Schwarzenberg family foundation and Mohamed Bin Issa Al Jaber, Chairman of the JJW Group, was determined and the contract signed. Mohamed Bin Issa Al Jaber, who owns the Grand Hotel Wien and The Ring Hotel in Vienna, was granted license to operate the Palais Schwarzenberg Hotel.

Mohamed Bin Issa Al Jaber’s bid was accepted by the family as he believes in the strong anchorage of the family Schwarzenberg within the project, the sensible strategy for the historical continuity as well as the positioning of the Palais Schwarzenberg Hotel within the existing portfolio together with the Grand Hotel Wien and The Ring Hotel. Johannes Schwarzenberg, Managing Director of the Palais Schwarzenberg Betriebsgesellschaft m.b.H., added: "We favour doing business with a personally known owner. This has advantages compared to big, anonymous companies"

"I am pleased to add the wonderful Palais Schwarzenberg Hotel to our Luxury Collection, I express my thanks to the Schwarzenberg family for their confidence in our work and I look forward to a long-term partnership", says MBI Al Jaber proudly.

Reconstruction and development of the Palais Schwarzenberg Hotel is planned. Initial excavations for the underground garage will start immediately. If no archaeological risks appear, the extensive reconstruction can start promptly. It was agreed on the construction of an underground garage, the renovation of the palace, the appointment of the winning international architect’s project tender for the development of the glass-fronted buildings, from which further rooms will emerge, as well as the construction of a spa area. The reconstruction will be completed in close cooperation with the authority for monument conservation. If no unexpected obstacles appear, the reconstruction period will be 18 months. The re-opening of the palace hotel is consequently planned for the end of 2009.

"We will position the Palais Schwarzenberg Hotel as a high-end product. It will be the most beautiful hotel in the whole of Europe!" says Karim Jalloul, spokesperson of Mohamed Bin Isa Al Jaber and Managing Director of the hotel.

With the new 6-Star-Deluxe-Hotel 120 new, long-term jobs will be provided. For further information please visit: www.palais-schwarzenberg.com