Le M�ridien Hotels & Resorts has announced the addition of Le Parker M�ridien Palm Springs to its Americas portfolio.

Formerly known as the Givenchy Resort & Spa, the luxurious 107-room and villas property is situated in 14 acres of gardens and orchards near downtown Palm Springs in the heart of the Southern California desert resort area.

Le Parker M�ridien Palm Springs will be owned and operated by The Jack Parker Corp., which purchased the resort from LAX GL, an investment group controlled by Tarsadia Hotels of Costa Mesa, California.

�We are delighted to be partnering with the Jack Parker Corporation on another high quality, highly-visible hotel project,� said Juergen Bartels, joint chairman of Le M�ridien Hotels & Resorts. �The appeal of the California desert and the quality of this resort will make Le Parker M�ridien Palm Springs an ideal addition to our collection of 38 resort destinations worldwide.�

Le Parker M�ridien Palm Springs will undergo significant renovations beginning in July 2003. These will include remodelling all rooms and villas, the 22,000 square foot spa, the restaurant and public spaces. A new pool will also be added.

Le Parker M�ridien Palm Springs will be an exceptional destination for both leisure and business travellers and the meetings market. In addition to its world-class spa facility the property offers gardens, walking and hiking trails, and six tennis courts on-site. The resort also maintains 10,500 square feet of indoor meeting space and over 30,000 square feet of outdoor event space.

Concurrent with the Palm Springs transaction, Le M�ridien also announced the renewal of its agreement with The Jack Parker Corporation for Le Parker M�ridien New York.

Opening rates valid until the end of September at the new Le Parker M�ridien Palm Springs start from $99 per room per night and Le Parker M�ridien New York from $235. Call Le M�ridien Reservations Worldwide on 0800 0282 840 for further information and reservations.

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For any further press information, please contact:

Julia Clark Le M�ridien Press Office Telephone: 020 7301 2553 E-mail: julia.clark@lemeridien.com

Notes to Editors: The family-owned Jack Parker Corporation founded in 1955, has commercial land and improved property holdings exceeding eight million square feet including its recently completed Biltmore Apartment, NY; Parker Plaza, Ft. Lee, NJ; Parker Corporate Center, Westchester County, NY; and Parker Raleigh Commercial Buildings, Raleigh, NC. Le Parker M�ridien New York is a 730-room luxury hotel located on 57th Street in Manhattan and features the highly- rated NORMA'S restaurant, the "burger joint", Seppi's French bistro, a penthouse, year-round swimming pool overlooking Central Park and award-winning gravity fitness and spa. For more information, www.parkermeridien.com.

Le M�ridien is a global hotel group with a portfolio of over 135 luxury and upscale hotels (36,000 rooms) in 56 countries worldwide. The majority of its properties are located in the world�s top cities and resorts throughout Europe, the Americas, Asia Pacific, Africa and the Middle East. The company also enjoys a strategic alliance with JAL-owned Nikko Hotels, providing loyal guests access to an additional 44 properties around the world. Headquartered in London, Le M�ridien Hotels & Resorts Group was formed by the Principal Finance Group of Nomura International plc. The Principal Finance Group has since become independent and is now known as Terra Firma. The Terra Firma Group manages Le M�ridien for Nomura International plc. www.lemeridien.com.

Le M�ridien Hotels & Resorts, World Headquarters, 166 High Holborn, London, WC1V 6TT.