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Richfield Hospitality Expands Management Platform into China

Forms Joint Venture with Shanghai China-based Ownership Group to Operate
Hotels in China with Signed Management Agreements for Two Hotels and
Six Additional Contracts Nearing Approval

DENVER, Colo. - - August 22, 2012—Officials of Richfield Hospitality, a leading hotel management company, today announced that it has formed Richfield Hospitality China, a joint venture with a Shanghai China-based ownership group to operate hotels in China.  The new company has signed agreements to manage two extended stay hotels and has six additional contracts in the final approval stages.

By expanding globally as well as domestically, Richfield remains on track to reach its previously-announced objective of 60 managed hotels by December, 2015.  The company’s portfolio now stands at 29 hotels.

“China’s expanding middle class has created incredible opportunity for experienced hotel operators,” said Greg Mount, president, Richfield Hospitality.  “I am confident that local ownership coupled with our operational expertise will enable us to offer hotel owners a compelling management alternative.

“As we develop a presence in China, we actively will seek out additional hotels that can benefit from our experience and the state-of-the-art technology that our sister company, Sceptre Hospitality Resources, can provide,” Mount added.

In addition to the company’s international expansion, Richfield also added four hotels in Louisiana to its portfolio, representing a total of 289 rooms in the New Orleans/Baton Rouge markets.

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. From hotel operations and property management to electronic distribution and interactive marketing, Richfield achieves superior operating results through its strong commitment to guests, employees and owners.  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:

Lauralee Dobbins or Chris Daly
Daly Gray
(703) 435-6293
Lauralee@dalygray.com


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Also See: Outstanding Award for Outstanding Effort - Mercedes Benz Awarded by Richfield Hospitality to Jessica Craycraft and Meredith Harrell, Employees of The Joule in Dallas, Texas as they Receive the Company's Top Honor / April 2012

John Panko Joins Richfield Hospitality as Vice President of Sales / April 2012

Richfield Hospitality Names 2011 President's Circle Award Winners Recognizing Their Top Achievers / March 2012

Richfield Hospitality Assumes Management and Launches New Marketing for Casa Moderna, the 56-room Miami, Florida Boutique / March 2012

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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