Denver, Colo. � October 15, 2002 � Richfield, a SWAN solution that has been providing practical, profitable hotel management services for more than 30 years, was awarded the management contract for the Holiday Inn Select Hotel & Conference Center in Decatur, Ill., by Real Estate Investors of Decatur LLC, announced Tom Conran, Richfield Managing Director.

Real Estate Investors of Decatur LLC represents more than $125 million in Decatur real-estate holdings, including office buildings, farm and development land, the largest shopping center in Decatur, three restaurants and an advertising agency. 

�We do very well with our other businesses, but we bit off more than we could chew with this full-service hotel,� said John Cardwell, co-owner of Real Estate Investors of Decatur LLC.  �We needed strong management, and that�s just what we found in 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. In addition, the management team has 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, as well as improving profitability flow through. The bottom line: Richfield helps hotels achieve better operating results to maximize real estate value.

Cornering the conference market

The Holiday Inn Select Hotel & Conference Center is Decatur�s only convention facility. The property boasts 370 renovated guestrooms, each equipped with a data port, 25-inch cable television, iron and ironing board, hair dryer, vanity mirrors and coffee maker. The Business Center offers fax and copy service, along with High Speed Internet Access and Office 2000 Professional Software for business needs. The Conference Center is the only hotel facility in Central Illinois that offers teleconferencing and can support big-screen presentations with Bose Surround Sound. HSIA is also available in the Conference Center via T-1 connectivity. The property features a Coffee shop, Steak House, Sports Bar & Grille and Lobby Bar. 

�The Holiday Inn Select is a regional magnet for convention and meetings business,� said Bill Zollars, Richfield VP of Operations. �Here is another example of ownership realizing the value and worth of a management company in a down economy.�

Cardwell said the Holiday Inn Select is a property that offers the best in accommodations, but was lacking in management and marketing expertise.

�We have 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.�

Richfield�s capacity to bring an experienced, strong team to the table for the October 1 transition enabled Cardwell to see immediate, noticeable improvements in operational efficiencies.

�We live and die by the convention business,� Cardwell said. �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.�

Water Park to open new revenue stream

Cardwell said he is hoping to catapult earnings levels and increase seasonal and regional occupancy by building an indoor water park. He said 48 additional acres were recently purchased to accommodate the project.

�Water Parks attached to hotels are a phenomenal business today,� Cardwell said. �We have the ideal 60-acre facility, but we could not get the needed financing. That is, we could not get the financing until Richfield stepped in. Once we mentioned Richfield to the lenders, the doors to financing opened wide.�

Cardwell said he and his partner, Jim Randall, hope to have the water park operational by late 2003. 

�We are very pleased with Richfield�s management capabilities, and we hope to work with them on other projects in the near future,� he said.

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.