Richfield Hospitality Selected as Management Company for Holiday Inn Parkside, Missoula

September 12, 2006 … Denver, Colo., … Richfield Hospitality is proud to announce it will be providing management services for the Holiday Inn Parkside in Missoula, Mont. Richfield is proud to have assisted the property owner, J Herzog & Sons, Inc., in the acquisition of this 200-room hotel.  This is the second hotel for J Herzog & Sons that Richfield is managing; the other property being the 317-room Knoxville Hilton in Knoxville, Tenn.

“We are proud to have the opportunity to expand our relationship with not only our owners, J Herzog & Sons, but with Intercontinental Hotels and the Holiday Inn brand as well,” said Richfield senior vice president, John Capone. “The addition of the Holiday Inn Parkside, is evidence of our owner’s trust and confidence in the successes that Richfield Hospitality delivers.”

“Because we already have an established, successful relationship with Richfield Hospitality; it made absolute sense to partner with them again on our purchase of the Holiday Inn Parkside,” said Gayle Segura, national marketing manager, J Herzog & Sons.  “This is an incredibly exciting project and opportunity as we look to expand our presence in the hotel real estate industry.”

The addition of the Holiday Inn Parkside brings Richfield’s property management portfolio to 26 properties with more than 5,700 rooms. The variety and diversity of Richfield’s collection of both branded and non-branded hotels provide a true testament to the company’s ability to provide customized, complete and successful management its clients.

Richfield Hospitality will also assist the owner in the multimillion-dollar renovation of the 200-room property, scheduled to begin in the fourth quarter of 2006.  The remodel is estimated to take approximately six months to complete, and will encompass everything from the lobby and atrium to the meeting rooms, restaurant and lounge, guest rooms and corridors. Currently, the Holiday Inn Parkside features 200 guestrooms, six suites, 10,000 square-feet of meeting space, the Encore Restaurant and Montana’s Lounge as well as an indoor pool, sauna, whirlpool and fitness facility.

"We are very excited to have the opportunity to work with the Holiday Inn Parkside, Missoula," said Bill Zollars, Richfield senior vice president. “We carefully evaluate each of our managed hotels individually and provide customized solutions to increase their profitability. The renovation of the Holiday Inn Parkside is just the first step toward establishing the property’s reputation as Missoula’s premier lodging location.”

-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.