Richfield Hospitality Adds Two More Hotels to Management Portfolio; Bringing 2005 Property Acquisition Total to Eight Hotels

Newport Beachside Resort in North Miami, Fla., and La Quinta Inn & Suites Valdosta in Valdosta, Ga. join Richfield Family

July 11, 2005 … Denver, Colo., …Denver-based hotel management company Richfield Hospitality proudly announces that it has added two additional properties to its management portfolio, the Newport Beachside Resort in North Miami Beach, Fla., and the La Quinta Inn & Suites Valdosta in Valdosta, Ga.  The unique qualities and needs of these two very different hotel properties is a true reflection of Richfield’s ability to provide diverse clients with complete and successful management tools.

“We are proud to add these two properties to our portfolio.  The owners of these hotels know that Richfield evaluates each of our managed hotels individually and will provide customized solutions to increase the profitability of the hotels,” said Aik Hong Tan, Richfield president.  “Hotels such as the Newport Beachside Resort and the La Quinta Inn & Suites Valdosta turn to Richfield to increase their market share and profits as well as to install more formalized management procedures.  The diversity of our management portfolio has instilled a strong sense of confidence in potential clients regarding the positive results we are able to bring to their properties.”

Prior to assuming management responsibilities for the Newport Beachside Resort, Richfield provided sales and revenue management consulting services to the property for two-and-a-half months. The hotel was incredibly impressed with the services and results that Richfield was able to provide in that short time period; leading them to grant Richfield the multiple-year full management contract.  The Newport Beachside Resort features 300 rooms, a beachfront pool, private white sand beach and historic fishing pier, family activities, spa, six restaurants and bars and 15,000 square feet of event space. This high-rise hotel is truly a North Miami Beach vacation institution.

The La Quinta Inn & Suites Valdosta features 120 guest rooms and 16 suites conveniently located within walking distance of multiple shopping and entertainment options. The Valdosta Mall is just one-half mile down the road, and the Wild Adventures Theme Park is just one mile away. The La Quinta Inn & Suites Valdosta also features a complimentary hot breakfast buffet, fitness center, outdoor pool, meeting facilities for up to 40 people, and a weekday afternoon beer and wine reception (with soda and cookies for the kids).  

The La Quinta Inn & Suites Valdosta was recently purchased by a first-time hotel owner with the assistance and guidance of Richfield Hospitality.  Richfield assisted the owner throughout the acquisition process; from the identification and evaluation of the opportunity to closing the deal.   “Our involvement from the onset guided the owner through the potential minefield of buying a hotel,” said Tom Conran, Richfield vice president for business development.  “Richfield demonstrated its commitment to a long term relationship with this owner by investing time and efforts from the beginning of the project.   This type of commitment reflects Richfield’s core philosophy of taking care of our clients and making sure every business relationship is mutually profitable.”

In 2005, Richfield has added the following properties to its management portfolio: the Four Points by Sheraton Newark, Elizabeth, N.J.; the Comfort Inn & Suites Goshen, Goshen, N.Y.; the Holiday Inn Express in East Windsor, Conn.; the Knoxville Hilton in Knoxville, Tenn.; the Clarion Inn, Houston Intercontinental Airport and the Hampton Inn, Houston Intercontinental Airport, both in Houston, Texas.

“2005 is shaping to be a very good year for Richfield, and we are very pleased with our achievements in the first half of the year,” said Tan.  “We have created a strong momentum going forward and are expecting to close the year by adding even more hotels to our portfolio.”

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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.