Richfield Hospitality Uncovers Valuable Acquisition Opportunities for Clients;
Adding Three New Hotels to Management Portfolio

Management company’s market intelligence aids in swift property closings prior to public sales listings for three hotel transactions in December 2004, January 2005

January 17, 2005 … Denver, Colo., … Pairing an incredible relationship network with vast market intelligence has allowed Richfield Hospitality to identify hotel acquisition opportunities that coincide with its client’s objectives.  The confidence created by the success of these transactions has helped Richfield to add three new hotel properties to their management portfolio in just two months.

In December 2004, Richfield assisted in the acquisition of the Knoxville Hilton in Knoxville, Tenn. Richfield now proudly manages the property, which features 317 guestrooms, 12,000 square-feet of meeting space, a restaurant and lounge, and is situated walking distance from the University of Tennessee and one block from the Knoxville Convention Center. 
Richfield also identified and presented the opportunity to acquire two additional hotel assets in Houston, Texas; with a combined 360 guestrooms to another client. This transaction is scheduled to close on January 17, 2005. At that time, Richfield will also take over the management contracts for both properties.

Richfield Hospitality prides itself on identifying opportunities that match each individual client’s investment preference, from product type and pricing to location.  Richfield also carefully ensures that the potential opportunities fit well with its client’s unique strengths; including speed to close, access to capital and funding relationships.

In 2004, Richfield Hospitality assisted in six property acquisitions for three separate investment clients.  Four of these acquisition opportunities were first identified by Richfield through its strong market intelligence before the opportunities were available publicly. The critical success factor was Richfield’s ability to find a qualified investor that could close on the deal within the timeframe required by the seller.  Richfield projects that it will be involved in another six to eight transactions in 2005.

“We remain confident in our ability to identify and close on multiple transactions in 2005,” said Richfield vice president of business development, Tom Conran. “Our client base is well balanced and capitalized to take full advantage of acquisition opportunities across a broad spectrum of hotel product types. To that end, our market intelligence, brand relationships and underwriting capabilities will enable us to create a healthy deal flow during 2005.”

Richfield Hospitality’s underlying goal is to create a market advantage for its clients in the hospitality industry. Of significant importance is Richfield’s ability to analyze the unique profit potential of the target hotel and determine the measures that can be taken to further heighten the existing profit levels. This information provides the client with a significant benefit when determining whether an acquisition opportunity matches their overall financial objectives.

“We are a top-quality management company with a keen sense of what works, and how to enhance profits,” said Aik Hong Tan, Richfield president. “Our underwriting team consists of real estate, operations, marketing and finance professionals who have worked together for 10 years. We pride ourselves on the results we deliver to our clients.”

-end-

Richfield Hospitality, Inc. provides a full complement of successful management services to a broad range of limited-service, full-service and resort hotels. The company achieves superior operating results through intense focus of its strong commitment to guests, employees and owners. Through Source, Richfield’s procurement unit, hotels can achieve significant savings on purchases of operating supplies and FF&E. Hotels can have access to insurance and on-line risk management services through Richfield’s Risk Management Division. In addition, Richfield’s sister company, Sceptre, provides global reservations distribution services, channel management and e-distribution advisory services. For more information on the recent growth of Richfield, and a look at its impressive portfolio of hotels, please visit www.Richfield.com.

Richfield is headquartered in Denver with approximately 1,000 employees. The company is part of the City Development Limited (“CDL”) group. CDL, listed on the Stock Exchange of Singapore, is the largest non-government real estate company in Southeast Asia with a market capitalization exceeding $2 billion.