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Press Release: Al Fahim Group
July 27, 2005
ATLANTA, GA -- Last weekend, Horst Schulze - the world-famous hotel proprietor and longtime president of the Ritz-Carlton
Hotel Company - and his West Paces Hotel Group were named in an Atlanta, Georgia, lawsuit seeking damages and punitive
damages in the amount of tens of millions of dollars (Civil Action File Number 2005CV / 03868 : Superior Court
of Fulton County).
Two corporations, the Al Fahim Group (Abu Dhabi, United Arab Emirates) and Oppenheimer Investments AG (Solothurn,
Switzerland), accuse Schulze and his two business partners of intending to swindle them out of a sales commission
in the amount of more than 10 million British pounds in connection with the planned purchase of London's luxurious
Lanesborough Hotel, and their shares in the hotel subsequent to the acquisition.
According to statements, Schulze commissioned the Al Fahim Group and Oppenheimer Investments AG to enter into sales
negotiations with the owners of the Lanesborough, the Abu Dhabi Investment Authority. After his severance from
the Ritz-Carlton founder W. B. Johnson at the end of 2002, Schulze and his West Paces Hotel Group had pursued this
matter independently in order to establish a new worldwide brand of top luxury hotels through the Lanesborough.
Included in the agreement were a fee of 240,000 Euros, a share investment for both corporations, and a closing
commission of 10 million British pounds, which would have been payable after the deal's conclusion.
After one and a half years and difficult negotiations, the Lanesborough's owners, the Abu Dhabi Investment Authority
(ADIA), actually agreed to sell the hotel to Schulze's company. Yet just before signing, Schulze abruptly withdrew
from the closing, claiming sudden financial difficulties.
However, according to information received, Schulze was said to be continuing his dealings with the Lanesborough
owners through a third party, actually basing this on the conditions negotiated by Al Fahim and Oppenheimer. Thus
Schulze would have broken off the originally planned and prepared signing of the deal on specious grounds only
to avoid paying the agreed-upon commission, which would justify a lawsuit for damages and punitive damages.
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Contact:
wordstatt GmbH
Dagmar Metzger, +49 (0)172-8312173
Source: Al Fahim Group