Richfield Hospitality Shows Unparalleled Growth in First Quarter 2005

Management company adds four additional properties to portfolio; bringing 2005 total acquisitions to six hotels across the country

Richfield rises from #34 to #28 in Hotel & Motel Management’s 2004 List of “Top Independent, Third Party Management Companies”

April 15, 2005 … Denver, Colo., …Denver-based hotel management company, Richfield Hospitality proudly announces that it has added four additional properties to its management portfolio.  The company is seeing unparalleled growth during the first quarter of 2005; during which it has added a total of six new properties in just three months.  As further evidence that the management company’s reputation is growing, Richfield Hospitality recently rose from number 34 to number 28 on Hotel & Motel Management’s 2004 list of the Top Independent Third Party Management Companies.

“It is very exciting that Richfield’s growth is being recognized on a national scale,” said Aik Hong Tan, Richfield president.  “We are a top-quality management company, offering our clients techniques and ideas that work.  Knowing where the industry is headed allows us to significantly grow our client’s profits, and we are proud to consistently deliver those results.” 

Richfield Hospitality prides itself on the confidence it instills in its property owners, evidenced by multiple property management contracts with companies such as the Riya Group. Beginning with the Four Points by Sheraton Pittsburgh in October 2004, followed by two hotels in Houston in January 2005, Riya Group has now appointed Richfield to manage two additional hotels; one in Newark, N.J., and one in Goshen, N.Y. Within just six months of this new relationship, the Riya Group has gained significant confidence in Richfield’s ability to generate superior results, and confidently relies on Richfield’s expertise to manage all five of these hotels. 
On behalf of Riya, Richfield took over the management of the Four Points by Sheraton Newark, in Elizabeth, N.J. The 11-story hotel features 260 guestrooms, an indoor/outdoor pool and is located just one-half mile from Newark Liberty International Airport and just 15 minutes from New York City.

Richfield’s newest property management contract with the Riya Group is the Comfort Inn & Suites Goshen, which will be opening on April 15.  The hotel, located in Goshen, N.Y. features 95 rooms and suites and is the only hotel located within the Village of Goshen. Guests will enjoy free high-speed wireless Internet service, free local calls and a complimentary continental breakfast including a make-your-own waffle station.

Additionally, Richfield added the Holiday Inn Express in East Windsor, Conn., and the Comfort Inn Towson, in Towson, Md. The Holiday Inn Express offers visitors 115 rooms and three meeting rooms. It is located 10 minutes from Bradley International Airport, and just 15 minutes from Six Flags New England. The Comfort Inn Towson features 186 guest rooms with complimentary in-room high-speed internet access and a full service restaurant.   This hotel is easily accessible from I-695 and is located just a few miles from Baltimore’s famous Inner Harbor.

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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.