Richfield Hospitality Adds Holiday Inn Albany to its Portfolio

September 7, 2006 … Denver, Colo., … Denver-based Richfield Hospitality announces the addition of the Holiday Inn Albany Turf on Wolf Road to its hotel portfolio. Richfield, along with joint venture partners Madison Capital Management, LLC and LogiCap Real Estate Partners, concluded the acquisition of this hotel in late August.  Richfield is an active partner in this investment and will manage the 312-room hotel in the heart of the Wolf Road area of Albany, New York.

“We are excited to expand our relationship with Intercontinental Hotel Group and the Holiday Inn brand by adding this hotel,” said Aik Hong Tan, Richfield president.  “Richfield is known for its careful evaluation, thorough due diligence and customized management to ensure maximum profitability. The Holiday Inn Albany Turf on Wolf Road gives us one more opportunity to demonstrate positive results.”

The addition of the Holiday Inn Albany Turf on Wolf Road brings Richfield’s hotel portfolio to 25 properties with more than 5,500 rooms. Additionally, through this and other recent additions, Richfield is proving to be highly successful in identifying and closing on unique hotel investment opportunities.

“Through market intelligence and our experience in the industry, we were able to tap into a vast relationship network to uncover this unique acquisition opportunity,” said Tom Conran, Richfield vice president for business development.  “With our industry experience, we have developed a keen sense of what works and how to maximize profits. We’re proud to have played a key role in this acquisition, and to facilitate its long-term success through on-going effective management.”

The Holiday Inn Albany Turf on Wolf Road is a versatile property appealing to group, leisure and corporate travelers.  Situated on 13.5 acres of land on popular Wolf Road, the hotel features 312 guestrooms, including eight suites and six king whirlpool equipped rooms, and more than 34,000 square feet of meeting, banquet and recreational space.  Extensive marble floors and hand finished millwork, as well as an E-space electronic entertainment center, highlight the attention to detail in this upscale property.  The hotel also features the new martini and wine bar, 205 Turf, as well as a patio and outdoor pool; in addition to the 22,800 square-foot indoor courtyard area that houses an indoor pool, Jacuzzi, steam room, exercise room, game room, and banquet/open space.  Highly accessible from the New York State Thruway and the Albany International Airport, the Holiday Inn Albany is only six miles from downtown Albany.

For more information on the Holiday Inn Albany, visit www.hialbanyturf.com.

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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.