Pan-European Hotel Acquisition Company N.V. (“PEHAC”) announces that it has made amendments to its proposal for an early liquidation of PEHAC at the Extraordinary General Meeting of Shareholders (EGM) which will be held on March 16, 2009.
Further discussions with a number of shareholders have resulted in the following amendments to the early liquidation proposal and information as provided in the proxy documentation dated February 27, 2009:

· Gross payment to New Shareholders of € 8.02 (original proposal: € 7.90) before € 0.09 withholding tax (orginal proposal: € 0.07);

· Payment per Founding Share of € 0.16 (original proposal: € 0.70); and

· The foundation holding the Class B Share in the capital of the Company with a nominal value of EUR 15,000 and representing 1,500,000 votes will not vote at the EGM on the Class B Share.

The date the completed, signed and dated proxy forms have to be received by Citibank N.A. (the registration date) has been postponed to March 12, 2009.

The amended proxy documentation reflecting all changes and including information about how to vote or to revoke or change a vote, is available at www.pehac.com