DENVER � June 4, 2003 � Richfield Hospitality Services, a SWAN solution that has been providing practical, profitable hotel management services for more than 30 years, has released April performance results for its portfolio of managed hotel properties. Officials said these results demonstrate, that Richfield�s entrepreneurial approach, dedicated staff and uniquely flexible management philosophy can bring prosperity to the bottom line even in difficult times.

�The economic downturn, coupled with the ever-changing landscape of world events, has affected the way we go about our business,� said Richfield President Aik Hong Tan. �Our flexibility and willingness to work even harder for our management partners have resulted in very positive gains. As for Richfield, I believe these troubled times have made us become even more focused and prudent in the manner by which we manage our clients� assets.�

As examples, Tan cited three Richfield-managed properties that achieved significant year-over-year increases in the first four months of 2003. He said the variety of brand flags, geographic location and property size that these three hotels represent proves that good management practices results in better business � regardless of location, affiliation or physical-plant factors:
 

Clarion Hotel Research Triangle Park, Durham, N.C. � Tan said that since assuming management of this 81-room hotel, Richfield increased revenues by more than $400,000 and gross operating profit by more than $215,000. �We achieved these results by instituting specific marketing initiatives at the property level, as well as more-prudent forecasting processes, which allowed on-site managers to maintain inventory and flexible staffing levels that were more in line with both anticipated and actual business levels,� Tan said.

Clarion Hotel Research Triangle Park 4912 S. Miami Blvd Durham, North Carolina

Holiday Select and Conference Center, Decatur, Ill. � This 370-room conference-center property realized a near 6-percent increase in revenues during the first four months of 2003, as compared with the same period last year � this in a region hit especially hard by the economic downturn. �This hotel�s performance becomes even more impressive when you look at the increase in profits year-over-year though April compared with the first four months of 2002,� Tan said. �We were able to help this hotel achieve profit margins that exceeded an 8.5 multiple, which resulted in an increase of more than $413,000 in profit.�

�At the end of the day, our abilities are measured in terms of revenue and profit achievement,� said Bill Zollars, Richfield�s vice president of operations. �These three properties achieved outstanding results, and their diverse size, location and market positioning serve as examples of our excellent entrepreneurial approach to management and relentless focus on achieving the desired results for our owners.�

About Richfield
Richfield Hospitality Services 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 on its strong commitment to guests, employees and owners. Richfield is one of the key business units of SWAN Inc., a multi-service company focused on the hospitality industry.   Other hospitality services of SWAN include SCEPTRE (reservations management), SHIELD (insurance and risk management) and SOURCE (procurement of operating supplies and FF&E).

For more information on the recent growth of Richfield in 2002-2003, and a look at its impressive portfolio of hotels, please visit www.Richfield.com.

Swan Inc. is headquartered in Denver with approximately 1,000 employees. The company's shareholders include City e-Solutions Limited (CES) listed on the Hong Kong Stock Exchange, and Millennium & Copthorne Hotels plc, a U.K.-based company listed on the London Stock Exchange, operating 91 hotels worldwide.

Tom Conran
Managing Director, Richfield
[email protected]
(860) 648-9040

http://www.Richfield.com/