The Ritz-Carlton Hotel Company, L.L.C. Plans Luxury Golf and Spa Resort in Powerscourt, Enniskerry, Co. Wicklow

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First Ireland Location Will Open in 2006

CHEVY CHASE, MD -- (MARKET WIRE) -- 08/16/2005 -- The Ritz-Carlton Hotel Company, L.L.C., headquartered in Chevy Chase, Md., and Treasury Holdings of Dublin, Ireland today announced plans to develop a five star golf and spa resort at a location one half hour from Dublin. Scheduled to open in 2006, the 203-room resort will be known as The Ritz-Carlton Powerscourt, County Wicklow. It will be the award winning hotel company's first hotel in Ireland and sixth location in Europe.

"Ireland is a world class visitor destination, known for its natural beauty and the gracious hospitality of the Irish people. We believe the Powerscourt Estate location on Ireland's east coast is the perfect place for a Ritz-Carlton resort which will cater to individuals and groups looking for the best of both worlds -- a site close to the city of Dublin, but also in the midst of the beautiful garden county of Wicklow," said Simon F. Cooper, president and chief operating officer of The Ritz-Carlton Hotel Company. "This hotel will be another stellar addition to our growing presence in Europe, including Barcelona, Penha Longa, Wolfsburg, Berlin and Istanbul," Cooper added.

Located within the 1,000 acre Powerscourt Estate, which overlooks Sugarloaf Mountain, The Ritz-Carlton will include a lavishly appointed 30,000 square foot E'Spa, four restaurants and lounges, and meeting space with capability to handle groups of up to 1,000.

"We are delighted to join with The Ritz-Carlton Hotel Company, one of the world's most prestigious hotel groups, at the Powerscourt Estate. This project, which will create up to 800 jobs in the development stage, will bring great benefits to the Irish economy and tourist industry," commented Dermod Dwyer, spokesperson for Treasury Holdings, one of Ireland's largest property companies since its founding in 1989 by Richard Barrett and John Ronan.

The Ritz-Carlton Hotel Company, L.L.C. of Chevy Chase, Md., currently operates luxury hotels in Europe, Asia, North America, South America, the Middle East and Africa. Over 20 future projects are in development including hotels in Moscow and Beijing. The Ritz-Carlton is the only hotel company to have twice earned the prestigious Malcolm Baldrige National Quality Award, which recognizes outstanding customer service. For more information, consult the Web site at http://www.ritzcarlton.com, call toll free in the United States, 1-800-241-3333 or contact a travel professional.



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