THE SAVOY GROUP LIMITED

We, the undersigned, being all the Members of the Company entitled to attend and vote at any General Meeting of the Company in respect of the Resolution set out below, hereby agree, pursuant to section 381A of the Companies Act 1985 and Regulation 53 of Table ‘A’ as embodied in the Company’s Articles of Association, that the following Resolution be passed as a Special Resolution of the Company. “That the Company be and is hereby wound up voluntarily under the provisions of the Insolvency Act 1986, and that James Robert Drummond Smith and Nicholas James Dargan, both of Deloitte & Touche, Stonecutter Court, 1 Stonecutter Street, London EC4A 4TR, (“the Joint Liquidators”), be and are hereby appointed Joint Liquidators for the purposes of such winding-up on the terms set out in the letter in the agreed terms entered into by Blackstone Hotel Acquisitions Company (“BHAC”) addressed to the Joint Liquidators and attached to these Resultions and that any Act required or authorised under any enactments to be done by the Liquidator may be done by one of more of the persons for the time being holding the office of Liquidator.” J. Gray, Director, duly authorised for and on behalf of Blackstone Hotel Acquisitions Company. 5th January 1999.