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The Sale by Raffles Holdings of its Hotel Business to Colony Capital, LLC
for an Enterprise Value of S$1.72 billion Effective September 30, 2005
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Singapore, 30 September 2005 – Raffles International Limited today announced a change in its ownership from Raffles Holdings Limited to Colony Capital, LLC. This change follows the successful completion of the sale by Raffles Holdings of its Hotel Business to Colony Capital, LLC for an enterprise value of S$1.72 billion. 

Colony Capital, LLC, which now holds 100% direct equity interest in Raffles International Limited, is a private international investment firm controlled by global investor Thomas J. Barrack, Jr.. Since 1991, Colony Capital has invested more than $15 billion on over 8,000 assets through various corporate, portfolio and complex property transactions. 

Said Mr. Grant L. Kelley, CEO of Colony Capital Asia Limited, “We are very pleased that the completion of transaction has proceeded smoothly and successfully. We will build upon the existing strengths of  Raffles International and leverage on the resources, networks, products and talented employees which we have, to be a major world-class hospitality organization that can serve increasingly sophisticated customer needs. I am confident that Raffles International’s dedicated management team and highly experienced employees will continue to deliver the standards of excellence that have become synonymous with the Raffles and Swissôtel brand of hotels around the world.” 

Ms Jennie Chua, President & CEO of Raffles Holdings said, “I am glad that the transaction, which is part of Raffles Holdings’ continuing efforts to create and unlock shareholders’ value, is successfully completed. Going forward, the Hotel Business and its people will complement and add value to Colony Capital’s established hospitality portfolio.” 

Added Ms Chua, “I would like to convey my best wishes to all my colleagues who are joining the Colony family and to thank them for their past contributions to Raffles Holdings. I am positive that a dynamic organisation like Colony Capital will provide an even stronger platform for the further growth and development of Raffles International.” 

Raffles International hotels are award-winning hotels; in the first nine months of 2005 alone, Raffles International hotels, led by flagship Raffles Hotel, Singapore, have won some 55 top awards and accolades from prestigious publications including Condé Nast Traveler (US and UK editions) and Travel + Leisure. 

The network of 41 hotels and resorts, managed under Raffles International’s two brands, are situated in 35 destinations across Asia, Australia, Europe, Mediterranean, Middle East, North and South America. Raffles Hotels & Resorts is a collection of 15 luxury hotels, where each is distinguished by the highest standards of products and services and is a landmark in its respective city. Swissôtel Hotels & Resorts is a distinctive group of 26 deluxe hotels for today’s discerning modern business and leisure traveller. 
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Raffles International markets its hotels and resorts under two brands: 



Raffles Hotels & Resorts 
  • Raffles Hotel, Singapore 
  • Raffles The Plaza, Singapore 
  • Raffles Grand Hotel d’Angkor, Siem Reap, Cambodia 
  • Raffles Hotel Le Royal, Phnom Penh, Cambodia 
  • Raffles Hotel Vier Jahreszeiten, Hamburg, Germany 
  • Raffles L’Ermitage Beverly Hills, California, USA 
  • Raffles Le Montreux Palace, Montreux, Switzerland 
  • Raffles Resort Canouan Island, The Grenadines 
Under Development
  • Raffles Resort Phuket Thailand (target opening 2007) 
  • Raffles Resort Bali at Jimbaran, Indonesia 
  • Raffles Resort Bintan, Indonesia 
  • Raffles Resort Mallorca at Colinas d’Es Trenc, Spain 
  • Raffles Resort Taimana Tahaa, French Polynesia (target opening 2007) 
  • Raffles Beijing Hotel, People’s Republic of China (target opening 2006) 
  • Raffles Dubai, United Arab Emirates (target opening 2007) 


Swissôtel Hotels & Resorts 
  • Swissôtel Beijing Hong Kong Macau Centre, People’s Republic of China 
  • Swissôtel Amsterdam, The Netherlands 
  • Swissôtel Nankai Osaka, Japan 
  • Swissôtel Le Plaza Basel, Switzerland 
  • Swissôtel Merchant Court, Singapore 
  • Swissôtel Berlin, Germany 
  • Swissôtel Le Concorde, Bangkok, Thailand 
  • Swissôtel Düsseldorf/Neuss, Germany 
  • Swissôtel Nai Lert Park, Bangkok, Thailand 
  • Swissôtel The Howard, London, UK 
  • Swissôtel The Stamford, Singapore 
  • Swissôtel Metropole, Geneva, Switzerland 
  • Swissôtel Sydney on Market Street, Australia 
  • Swissôtel Zurich, Switzerland 
  • Swissôtel Chicago, USA 
  • Swissôtel Göcek, Marina & Spa Resort, Turkey 
  • Swissôtel The Drake, New York, USA 
  • Swissôtel The Bosphorus, Istanbul, Turkey 
  • Swissôtel Quito, Ecuador 
  • Celik Palas Bursa, Turkey
  • Swissôtel Lima, Peru 
  • Swissôtel Krasnye Holmy Moscow 
Under development
  • Swissôtel Grand Shanghai, People’s Republic of China (target opening 2007) 
  • Swissôtel The Celik Palas, Bursa, Turkey (target opening 2007) During this development period, Raffles International will manage the existing Celik Palas Bursa. 
  • Swissôtel Tallinn, Estonia (target opening 2007) 
  • Swissôtel The Grand Hotel Efes, Izmir, Turkey (target opening 2007) 

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Contact:

Raffles International Limited 
2 Stamford Road #06-01 
Raffles City Convention Centre 
Singapore 178882 
Tel: (65) 6339 8377 
Fax: (65) 6339 1713 
ril@raffles.com  

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Also See: Accor Reports 2004 Profit Before Tax Up 13.2%; Colony Capital Invests EUR 1 Billion in Accor, Seeks Faster Expansion / March 2005
Raffles Holdings Divesture of its Hotel Business Unlocks Significant Shareholders’ Value / July 2005

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