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for an Enterprise Value of S$1.72 billion Effective September 30, 2005 |
| Singapore, 30 September 2005 � Raffles International Limited today
announced a change in its ownership from Raffles Holdings Limited to Colony
Capital, LLC. This change follows the successful completion of the sale
by Raffles Holdings of its Hotel Business to Colony Capital, LLC for an
enterprise value of S$1.72 billion.
Colony Capital, LLC, which now holds 100% direct equity interest in Raffles International Limited, is a private international investment firm controlled by global investor Thomas J. Barrack, Jr.. Since 1991, Colony Capital has invested more than $15 billion on over 8,000 assets through various corporate, portfolio and complex property transactions. Said Mr. Grant L. Kelley, CEO of Colony Capital Asia Limited, �We are very pleased that the completion of transaction has proceeded smoothly and successfully. We will build upon the existing strengths of Raffles International and leverage on the resources, networks, products and talented employees which we have, to be a major world-class hospitality organization that can serve increasingly sophisticated customer needs. I am confident that Raffles International�s dedicated management team and highly experienced employees will continue to deliver the standards of excellence that have become synonymous with the Raffles and Swissôtel brand of hotels around the world.� Ms Jennie Chua, President & CEO of Raffles Holdings said, �I am glad that the transaction, which is part of Raffles Holdings� continuing efforts to create and unlock shareholders� value, is successfully completed. Going forward, the Hotel Business and its people will complement and add value to Colony Capital�s established hospitality portfolio.� Added Ms Chua, �I would like to convey my best wishes to all my colleagues who are joining the Colony family and to thank them for their past contributions to Raffles Holdings. I am positive that a dynamic organisation like Colony Capital will provide an even stronger platform for the further growth and development of Raffles International.� Raffles International hotels are award-winning hotels; in the first nine months of 2005 alone, Raffles International hotels, led by flagship Raffles Hotel, Singapore, have won some 55 top awards and accolades from prestigious publications including Condé Nast Traveler (US and UK editions) and Travel + Leisure. The network of 41 hotels and resorts, managed under Raffles International�s
two brands, are situated in 35 destinations across Asia, Australia, Europe,
Mediterranean, Middle East, North and South America. Raffles Hotels &
Resorts is a collection of 15 luxury hotels, where each is distinguished
by the highest standards of products and services and is a landmark in
its respective city. Swissôtel Hotels & Resorts is a distinctive
group of 26 deluxe hotels for today�s discerning modern business and leisure
traveller.
Raffles Hotels & Resorts
Swissôtel Hotels & Resorts
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| Contact:
Raffles International Limited
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