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Richfield Hospitality on Track to Reach Initial Expansion
Goals Ahead of Schedule

14th Property Added Since Launching New Growth Strategy in 2010

DENVER, Colo. - -  September 29, 2011—Officials of Richfield Hospitality , a leading hotel management company, today announced that it is on track to more than triple its original size of 20 managed hotels by year’s end in 2015.  Recently, the company added four management contracts, bringing the total number of hotels in its portfolio to 34.

The properties include the 270-room Crowne Plaza Melbourne Oceanfront Resort and Spa in Fla.; 282-room DoubleTree by Hilton Hotel Dallas-DFW Airport North in Irving, Texas; 190-room Four Points by Sheraton Philadelphia Northeast; and 193-room Crowne Plaza Pittsburgh Airport Hotel in Coraoplis, Penn.  The properties will undergo differing renovation and repositioning programs for a combined total of approximately $12 million in additional investment.   The DoubleTree by Hilton Dallas-DFW Airport North hotel was recently rebranded, and the Crowne Plaza Pittsburgh Airport Hotel will convert to Starwood’s Sheraton brand.

“We expect to accelerate our growth in the coming months, both on the Richfield and Sceptre sides of our business,” said Greg Mount, president, Richfield Hospitality.  “We are looking at acquiring other companies to expand our hotel management platform and our marketing capabilities.  On the management side, there are a number of smaller companies that started-up at or just after the peak several years ago.  Those companies struggled in this deep downturn, and they will need to merge with larger companies like Richfield that have the systems and economies of scale in place.   The marketing side is ripe for consolidation, and we expect to be a major player.  We see substantial growth domestically, as well as international opportunities, as the world becomes increasingly smaller.”

“These are excellent properties with a considerable upside potential,” said Angela Landgraf, senior vice president of development & management services, Richfield Hospitality.  “The Crowne Plaza Melbourne Oceanfront Resort and Spa marks our first oceanfront property in our current portfolio, though we have significant resort expertise within our organization.  We look forward to aggressively building our resort portfolio.”

About the Properties:
  • Crowne Plaza Melbourne Oceanfront Resort and Spa—Located at 2605 North Highway A1A in Fla., the beachfront hotel is on the Atlantic Ocean, 30-minutes from Kennedy Space Center and 15 minutes from Melbourne International Airport.  The hotel features more than 16,000 square feet of flexible meeting space; complimentary high-speed wireless Internet access; outdoor pool and hot tub; Ocean Reef Spa; and dining options at Coquina’s Restaurant and Turtle Nest Lounge.  “The hotel will undergo a complete makeover in stages to minimize guest disruptions,” Mount noted.
  • DoubleTree by Hilton Hotel Dallas-DFW Airport North – Located at 4441 W. John Carpenter Freeway in Irving, Texas, the property is two miles from Dallas-Fort Worth International Airport (DFW) and convenient to downtown Dallas.  The property recently completed a full renovation and reflagged to the DoubleTree by Hilton brand.  The hotel offers more than 15,000 square feet of flexible meeting space; fitness center; free high-speed wireless Internet access; business center; outdoor swimming pool; and Flatland Grill, a contemporary Texas bistro.
  • Four Points by Sheraton Philadelphia Northeast—Located at 9461 Roosevelt Blvd., the hotel is convenient to both the Philadelphia Airport and historic downtown Philadelphia.  The hotel features an indoor pool; 24-hour fitness center; high-speed wireless Internet access; and two dining options, The Northeast Philly Tap Room and Cobblestones Restaurant.
  • Crowne Plaza Pittsburgh Airport Hotel – Located at 1160 Thorn Run Road in Coraopolis, Penn., the property is near Pittsburgh International Airport.  The hotel offers a fitness center; business center; outdoor pool; and Verdi’s Tuscan Italian Restaurant and Lounge.  “This hotel will undergo a complete renovation, including all guest rooms and public areas, and be repositioned and rebranded as a Sheraton hotel,” said Mount. 
About Richfield Hospitality
Richfield Hospitality, Inc. is a leading hotel management company with a premier track record of maximizing profitability and improving asset values for hotel owners.  Richfield and its affiliates offer proven solutions and expertise to approximately 550 hotels and resorts.  From hotel operations and property management to electronic distribution and interactive marketing, Richfield achieves superior operating results through its strong commitment to owners, guests and associates.  Based in Denver, Richfield is part of City Developments Limited, one of the world’s largest real estate, hotel investment and technology conglomerates with a market capitalization exceeding US$6 billion.  Additional information about Richfield Hospitality may be found at the company’s website, www.richfield.com
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Contact:

Chris Daly/Lauralee Dobbins media
(703) 435-6293
chris@dalygray.com


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Also See: Africa Israel USA Selects Richfield Hospitality to Manage the 56-room Tempo Miami Located in the Cultural District of Downtown Miami, Florida / September 2011

Richfield Hospitality to Oversee Renovation and Conversion of 475-room Best Western Lakeside Hotel in Kissimmee, Florida to the Independent Maingate Lakeside Resort / August 2011

Richfield Hospitality Partners with Predisio Companies to Operate the 75-room Hyatt Place UC Davis in Davis, California / August 2011

Predisio Companies Choses Richfield Hospitality to Manage 431-room Sheraton Fort Worth Hotel & Spa in Texas; Property Recently Completed $48 Million Renovation / August 2011

Platinum Equity and Richfield Hospitality Reflag Former 564-room Sheraton Bloomington in Minnesota to the DoubleTree by Hilton Bloomington; $12.5 Million Renovation to be Launched / July 2011

Richfield Hospitality Appoints Thomas Clearwater as Senior Vice President of Sales / February 2011

Richfield Hospitality Adds Six Hotels to Portfolio in 2010, Opens 2011 with Three More / February 2011

Recently Acquired by Platinum Equity, the 564-room Sheraton Bloomington Minneapolis-Area Hotel to Undergo $12.5 Million Renovation and Rebrand as DoubleTree in Q3 2011, Richfield Hospitality to Manage / Janaury 2011

Richfield Hospitality and Shelbourne Falcon Investors Acquire the 279-room Renaissance Syracuse Hotel; Plans $5 Million Renovation Conversion to Crowne Plaza Brand / June 2010

Rebranding Completed for the 250 room Doubletree Hotel Syracuse, Formerly a Wyndham / December 2006

Richfield Hospitality, Along with its Parent Company, City Development Limited, Seeks to Deploy Significant Capital for Structured Finance Deals to JVs and Direct Hotel Acquisitions / February 2010
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