Swissotel Growth Strategy Takes Major Step  with Management of Watergate Hotel in Washington -- Landmark Property to Receive $11-million Refurbishment

"We are excited about managing the famous Watergate Hotel because it will give Swissotel a presence in one of the leading capitals of the world which not only plays host to national and international leaders in government and business but 20 million tourists a year. This management agreement enhances our position globally and effectively expands our role as a leading luxury hotel company in the United States," said Andreas Meinhold, Swissotel's president and CEO. With the addition of the Watergate, Swissotel will have U.S. properties in Atlanta, Boston, Chicago, New York and Washington.

Renamed Swissotel Washington-The Watergate, the property will undergo an $11 million refurbishment that will include a complete renovation of all guestrooms and public areas, helping to enhance its reputation as one of the premier hotels in Washington. The property, located on the Potomac River with exceptional views of the city, is part of the Watergate complex of office buildings, residential condominiums and retail stores. The Kennedy Center for the Arts is next door and Reagan National Airport only 15 minutes away. The White House, offices of the State Department and other federal agencies as well as the elegant shops and restaurants of Georgetown are also only minutes away.

The Watergate has 232 rooms, including 12 Presidential Suites, 12 Diplomat Suites, 60 Executive Suites and 60 Georgetown Suites, a highly regarded restaurant and a spa and wellness center. The Watergate management agreement was made in affiliation with Blackstone Real Estate Partners, which holds a minority interest in the Swissotel management company.

Swissotel is owned by SAirRelations, a division of Switzerland-based SAirGroup, formerly known as the Swissair Group. The company currently operates or markets hotels in Amsterdam, Atlanta, Bangkok, Basel, Beijing, Boston, Brussels, Cairo, Chicago, Dusseldorf, Geneva, Hanoi, Istanbul, Jakarta, Montreux, New York, Semarang, Seoul, Zurich and Washington.