Denver, CO. � March 30, 2004 � At a time when many hotels were struggling to survive, Richfield Hospitality Inc. reported a 99.5 percent increase in Gross Operating Profit (GOP) just nine months after taking over a portfolio of branded hotels in the Western U.S. It is this track record of success, combined with the company�s expertise in brand- and revenue-management, which spurred Creekside Hotel Associates LLC to retain Richfield this month to manage its Staybridge Suites extended-stay property in the Denver area.

�Richfield�s distinctive understanding of the various franchise systems has lead to our success in maximizing our clients� return on investment through the various brand programs and initiatives,� said Aik Hong Tan, Richfield president. �Staybridge Suites is the first extended-stay brand to join our growing portfolio, but it is not the first Inter-Continental Hotel Group flag that we manage. We view our partnership with Staybridge Suites and Creekside Hotel Associates as an opportunity to grow the positive relationship we have with this franchise giant and look forward to expanding our extended-stay family.� 

Rod Brown, manager of Creekside Hotel Associates, said the hotel was not marketed sufficiently to the local community as an extended-stay property, and did not achieve acceptable rate penetration. Richfield, he said, has a proven track record of assisting owners and operators who are experiencing increased performance concerns related to asset repositioning in its competitive market, as well as improving profitability flow through.

�I�ve known the Richfield team for some time,� Brown said. �They have a reputation of strength in marketing, purchasing and asset performance � and rightly so. Just ask anyone who has been managed by Richfield. The revenue and occupancy increases speak for themselves.�

Impressive Track Record

For example, the Holiday Inn Select and Conference Center in Decatur, Ill., an Inter-Continental Hotel Group brand, realized a near 6-percent increase in revenues during the first four months of 2003, as compared with the same period last year when that market in general was experiencing a decline in revenue.

�This was a region hit especially hard by the economic downturn,� said Bill Zollars, Richfield Vice President of Operations. �This hotel�s performance becomes even more impressive when you look at the increase in profits year-over-year through April compared with the first four months of 2002. We were able to help this hotel achieve profit margins that exceeded an 8.5 multiple.�

Similar impressive results have been achieved by other branded Richfield hotels, such as the Clarion Hotel at Research Triangle Park in Durham, N.C., a Choice Hotels International brand. Zollars said that since assuming management of the hotel, Richfield increased revenues by more than 66% and turned the property from an operating loss position in 2002 into a strong operating profit in 2003.

�We achieved these results by instituting specific marketing initiatives and revenue management strategies at the property level, as well as more-prudent forecasting processes, which allowed on-site managers to maintain inventory and flexible staffing levels that were more in line with both anticipated and actual business levels,� Zollars said.

Tan said Richfield�s dedicated Revenue Management and E-commerce Division is key in achieving these types of results for client hotels because they focus daily on revenue yield techniques and maximizing revenues through all channels of distribution.

�By strategically evaluating the marketplace, along with competitive intelligence, our Revenue Management and E-Commerce Division is able to look at trends, past history, compression, selling strategies, positioning and goals for the next two to 12 weeks,� Tan said. �We found that we are able to impact properties immediately and ramp up revenues. Once this is done, operational efficiencies come into play. You can�t create bottom line revenues without top line performance.�

Extending the extended-stay reach

Brown said Richfield is charged with helping to hire new sales staff and work with the property to better market the property to the local business community, which includes high-profile financial companies, transportation companies and five major hospitals.

�Staybridge Suites is a new concept for extended stays,� Brown said. �It's an all-suite hotel designed to let travelers feel more comfortable than ever before. Each suite is designed for maximum flexibility and adaptability to meet guests' individual needs. In fact, that's the idea behind everything Staybridge Suites offers.�

The hotel provides Complimentary Transportation within a five mile radius, Breakfast Buffet on the Go, Sundowner Evening reception, personal phone lines and voice mail, high-speed Internet access, free unlimited long-distance phone calls and a 24-hour convenience store.

�We have more to offer the local community than all the other mid-market and limited-service properties in the area combined,� Brown said. �With Richfield on board, we are sure to see immediate results, improved performance, streamlined reservations, greater purchasing power and increased employee productivity like never before. For Staybridge Suites at Cherry Creek, Richfield is the right choice, the only choice for hotel management.�

About Richfield Hospitality Inc.

Richfield Hospitality Inc., a SWAN solution, 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 of its strong commitment to guests, employees and owners. Richfield Hospitality Inc., is the hotel management division and one of the key business units of SWAN Inc. Through Richfield�s Operations Division, hotels can achieve significant buying power through Source, a procurement entity offering operating supplies and FF&E at discounted rates. Through Richfield�s Human Resources Division, hotels can have access to insurance and on-line risk management services. In addition, Richfield�s sister company Sceptre provides global reservations distribution, channel management and e-distribution advisory services. For more information on the recent growth of Richfield in 2002-2003, and a look at its impressive portfolio of hotels, please visit www.Richfield.com.

Richfield Hospitality 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.