Denver, Colo. � November 25, 2002 � Richfield, a SWAN solution that has been providing practical, profitable hotel management services for more than 30 years, has signed six new management contracts to date in fourth quarter 2002 and several contracts in the pipeline are expected to be finalized in the next 90 days. 

�The most difficult economic times present the greatest opportunity for Richfield to create value for hoteliers,� said Aik Hong Tan, Richfield President. �We have a proven track record of assisting owners and operators who are experiencing increased performance concerns relating to the repositioning of their asset in its competitive market and improving profitability.�

Tan said today more than ever before, hotels need to turn to management companies to achieve better operating results from their hotels and maximize real estate value.

�Hotels must be willing to commit to doing whatever it takes to assure their operation competes and succeeds today and tomorrow,� Tan said. �Part of that commitment means turning over a little bit of control to a management company to reap a big reward in a very short time.�

Why choose Richfield?

The Richfield management team combines more than 100 years of hotel management experience � a level of expertise that most companies can�t afford to have on board. The company provides a broad range of services proven to help properties attain their operational goals�simply, efficiently and affordably. Richfield has successfully managed more than 250 properties, encompassing the entire range of product type, quality, size and scope of operation. 

Richfield recently signed management contracts with the Clarion Hotel @ Research Technology Park in Raleigh-Durham, N.C.; four hotels in the Decatur, Illinois area, including the Holiday Inn Select Hotel & Conference Center, Country Inn & Suites, Ramada Limited and Comfort Inn; and The Hill House Inn Of Mendocino, an inn on California�s North Coast. 

�Many management companies today would be thankful to sign six management contracts in an entire year,� Tan said. �Richfield has had the good fortune to sign these deals in one month, not because we were lucky, but because the Richfield team is comprised of former hoteliers who have successfully tackled the same operational issues in the past that owners face today. We understand their concerns and know how to achieve the superior operating results they require. We begin with a company-wide commitment to doing whatever it takes to proactively serve our guests, owners and employees.�

Why they chose Richfield

�As a family-owned and operated business, we were looking to align ourselves with a company that shares our management and operating philosophies and could immediately maximize our revenue and marketing potential,� said Rakesh Patel, owner of The Clarion Hotel @ RTP. �Richfield was the top contender from the very beginning�not only because it has a great reputation, but the company is run by hoteliers just like us. Taking care of our employees and the members of the community is critical to our business success. The Richfield team listened to our needs, met our expectations and hit the ground running.�

Patel said Richfield not only offers the Clarion exceptional management and marketing expertise, but they provide revenue management advice through electronic channels under Sceptre, purchasing under Source, as well as insurance and risk management under Shield. 

�This gives us the full-service feel we were looking for,� Patel said.

Referral reaps revenue rewards

The Hill House Inn of Mendocino turned to Richfield after its sister property, the Mendocino (California) Hotel & Garden Suites, a historic boutique hotel, experienced significant and sustained results once Richfield was brought on board in March as its professional manager.

�As soon as the Mendocino Hotel & Garden Suites began working with Richfield we saw instantaneous results,� said Dwight Goldstein, General Manager of both properties. �The hotel immediately saved 15 percent on food purchases and experienced substantial savings in overall  property procurement. In addition, we saw daily reservations come in from the global-distribution systems, where previously we had received none. With operating results like these, we knew we had to bring The Hill House under the wing of SWAN and into the Richfield family.�

Goldstein said he is confident that Richfield will do for Hill House what it did for the Mendocino Hotel in as short a period of time�namely, increase profitability and stabilize revenues.

�There is no better testimonial to hotels looking to improve performance during this economic downturn than Richfield�s success in Mendocino,� he said.

Recovering after September 11th

Real Estate Investors of Decatur LLC, which represents more than $125 million in Decatur real-estate holdings, also turned to Richfield in October to manage four of its properties.

�We live and die by the convention business,� said John Cardwell, co-owner of Real Estate Investors of Decatur LLC. �September 11th and the U.S. economy certainly hurt us. But Richfield, as a big-picture of a hotel company, is bringing us better systems, marketing diversity and bigger buying power. We know that with Richfield, our occupancy will be up, our expenses down, and our visibility increased dramatically, both locally and nationwide.�

Cardwell said Real Estate Investors of Decatur LLC does very well with its other businesses� office buildings, farm and development land, the largest shopping center in Decatur, three restaurants and an advertising agency�but they bit off more than they could chew with its full-service Holiday Inn Select hotel.

�We had the product. We simply needed the service and know-how to get the property noticed,� he said. �It�s like owning a beautiful vehicle, but not knowing how to drive. We needed someone in the driver�s seat to take us down the road. We needed Richfield.�

Cardwell said when Richfield took over the Holiday Inn Select, they made an immediate impact by reducing the property�s expenses, increasing its marketing visibility, and getting the owners an audience with Six Continents to pose questions that they never thought a franchise company would answer.

�Richfield�s inside knowledge of franchise operations and its ability to maximize the franchisor/franchisee relationship is critical to our success as a multi-brand hotel owner,� Cardwell said. �We are thrilled to be working hand-in-hand with Richfield to provide centralized services for our hotel portfolio and to take advantage of the economies of scale�both operationally and from a marketing standpoint. We could never have imagined the financial and marketing possibilities that are now available to us through Richfield.�

For more information on becoming part of the Richfield family, call Richfield President Aik Hong Tan at 303-220-2185 or Richfield Managing Director Tom Conran at (860) 648-9040.  Hoteliers also can visit www.richfield.com.

About Richfield
Richfield Hospitality Services provides a full complement of successful management services to a broad range of limited-service, full-service and resort hotels.  The company achieves superior operating results through intense focus on its strong commitment to guests, employees and owners. Richfield is one of the key business units of SWAN Inc., a multi-service company focused on the hospitality industry.   Other hospitality services of SWAN include SCEPTRE (reservations management), SHIELD (insurance and risk management) and SOURCE (procurement of operating supplies and FF&E). Swan Inc. is headquartered in Denver with approximately 1,000 employees. The company's shareholders include City e-Solutions Limited (CES) listed on the Hong Kong Stock Exchange, and Millennium & Copthorne Hotels plc, a U.K.-based company listed on the London Stock Exchange, operating 91 hotels worldwide.