The acquisition significantly strengthens Radisson's control of its brand in Asia Pacific and sets the stage for corporate-directed management and expansion of Radisson hotels and resorts in Asia Pacific. The agreement also expands the geographic area in Asia in which DCI can exclusively operate Radisson hotels to include ten additional countries: Singapore, Thailand, Vietnam, Brunei, Cambodia, Indonesia, Mynmar, Laos, Malaysia and the Philippines.

The acquisition was announced today by top officials of DCI and Carlson Hospitality Worldwide, parent company of Radisson Hotels Worldwide. Joining in the announcement were Curtis Nelson, president and CEO of Carlson Hospitality Worldwide, Eric Danziger, president of Carlson Hotels Worldwide and Stephen Burt, managing director of DCI. 

"Despite current economic challenges in this region, we view the Asia Pacific market as a long range opportunity and a strategic imperative for the travel and tourism industry in the 21st century," Nelson said. "As a growth-oriented, global hospitality company, we are committed to serving our customers throughout the world, including a growing number of destinations in Asia/Pacific," he added.

"This transaction also demonstrates the commitment of Carlson Hospitality Worldwide to continue investing in developing new platforms for its business growth both in existing businesses and through expansion opportunities," Nelson said. "This is the foundation of the brand management
structure and strategy which is driving the organization's business mission and growth around the world," he added.

Danziger said the acquisition of controlling interest in DCI illustrates the company's commitment to invest in the future growth of its brands in key global markets. "This transaction is a cornerstone in our strategy to grow Radisson through increased investment, ownership and management of the hotel and resort products which carry its brand," he said.

"Ownership is the next evolution of the Radisson brand from the franchising strategy which allowed us to initially enter the Australian and Asian markets," Danziger said. "While we will continue to offer franchise opportunities in the region, this investment will provide a corporate presence and structure to direct operations and future growth in Asia Pacific," he added.

Stephen Burt, managing director of DCI, said the acquisition adds a new dimension of strength to the company's business operations. "Carlson Hospitality Worldwide is one of the world's great integrated hospitality companies and this investment will allow DCI to leverage the Carlson system to the benefit of customers, owners and employees," Burt said. "This transaction will also greatly enhance our capability to fulfill our growth ambitions in Asia Pacific," he added.

Under terms of the transaction, Radisson controls 57 percent of the voting rights of outstanding company stock and has direct ownership of approximately 45 percent of the shares. Radisson hotels and resorts operated or franchised by DCI include locations in the Australian cities of Sydney (2), Cairns, Port Douglas (2), Gold Coast, Melbourne, Dunsborough and Adelaide; the Malaysian cities of Kuala Lumpur, Langkawi and Sha Alam and Indonesian cities of Bali (2), Jakarta, Surabaya, Bukit Indah and Yogyakarta.

Additional Radisson hotels and resorts in Asia Pacific are located in India, Nepal, Japan, China, Thailand and Korea.

Radisson Hotels Worldwide is part of Carlson Hospitality Worldwide which includes over 1,035 hotel, resort, restaurant and cruise ship operations around the world. In addition to Radisson Hotels, Carlson Hospitality Worldwide includes Regent International Hotels, Country Inns Suites By Carlson, Radisson Seven Seas Cruises and Carlson Restaurants Worldwide which includes a variety of restaurant brands including T.G.I. Friday's Restaurants. Carlson Hospitality Worldwide is one of the major operating groups of Carlson Companies Inc., headquartered in Minneapolis, Minn. Carlson has travel agency interests which include 5,300 travel agency locations in more than 140 countries around the world. Systemwide revenues under Carlson brands were $20 billion in 1997.