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Raffles International Signs Deal To Manage
New Deluxe Hotel In Shanghai 

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SINGAPORE, January 11, 2005 – Raffles International Limited has today signed a management contract with Jing An City Construction Fitting Development Company (Jing’an Chengjian), to manage a new hotel development in Shanghai slated for opening in 2007.  Named Swissôtel Grand Shanghai, the 478-room hotel will be managed under Raffles International’s Swissôtel brand.  The deal marks Raffles International’s first foray into the buoyant Shanghai market and further strengthens its foothold in China.  With this move, the company has a global footprint of 38 hotels and resorts in 19 countries in 33 destinations.

Spurred by significant economic growth over the past few years, Shanghai has become a mRafflesIntajor commercial city and financial centre in China.  Total tourists arrivals grew at an annual rate of 15.8% between 1998 and 2003 and are expected to continue to post double-digit growth over the next few years.  Correspondingly, demand for hotel accommodation increased by 10-15% per annum between 1997 and 2001.  As the designated host of the 2010 World Expo and a growing number of major conferences and exhibitions, and a big beneficiary of China's recent accession to the World Trade Organisation, the future outlook for Shanghai’s hotel accommodation market remains strong.

“CapitaLand Group, with an established reputation in residential, commercial, retail, and hospitality businesses, has been steadily increasing its presence in China in all these core competencies.  In particular, the Group would like to increase its presence in the hotel sector to capitalise on China’s growing business travel and tourist arrivals, especially in Shanghai.  I am therefore pleased with the signing of this management contract with Jing’an Chengjian to manage a new hotel development in Shanghai. We will now have a Swissôtel branded hotel in Shanghai which leverages on the hospitality management expertise of Raffles International Hotels and Resorts,” said Mr Liew Mun Leong, President and Chief Executive Officer, CapitaLand Group, and Deputy Chairman, Raffles Holdings Limited.

Ms Jennie Chua, President and Chief Executive Officer of Raffles Holdings commented, “The signing of this management contract with Jing’an Chengjian is a significant milestone for Raffles International as we have now gained a foothold in Shanghai which is a key and important gateway city in China.  We are indeed pleased to have a business partner who is highly reputable in Shanghai.  We believe that besides business and leisure travel, Shanghai is poised to experience growth in its convention and exhibition industry.”

The 25-storey, 478-room Swissôtel Grand Shanghai will be conveniently located in the prime district of Jing’an.  The hotel is within walking distance to Nanjing West Road, the city’s busiest shopping street lined by high-end shopping malls such as Plaza 66 and Citic Square.  It is approximately 50 minutes from the new Pudong International Airport or 20 minutes from the Hongqiao Airport, and is close to popular attractions such as the Jing’an Temple, Shanghai Grand Theatre and Shanghai Museum.  Upon completion in 2007, the hotel will have spa and gym facilities, a swimming pool, four restaurants and bars, Swiss Business Executive Club Floors and other business facilities.





 
Contact:
Goh Kah Lin
Manager
Corporate & Marketing
Raffles International, Ltd.
Telephone: (65) 6430-1366 
[email protected] 

Also See:  Raffles International Appoints of Ms Leong Wai Leng as Chief Executive Officer / September 2004

Raffles International Assumes Management of Nai Lert Park Bangkok / December 2003

Le Montreux Palace in Switzerland, Managed by Raffles International, Now Known as Raffles Le Montreux Palace / May 2004


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