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Greenfield Property Holdings Ltd. Signs Raffles Hotels & Resorts
to Operate a 100 room Resort on Tortola, British Virgin Islands

SINGAPORE, June 11, 2007 - Raffles Hotels & Resorts has signed an agreement with Greenfield Property Holdings Limited to manage a new luxury resort and residence, Raffles Tortola, in the British Virgin Islands. Set on 50 acres of pristine beachfront property at the northeastern end of Tortola, Raffles Tortola will offer residents a secluded half-mile white sand beach and sweeping views of the shimmering Caribbean Sea.
    
Residents at Raffles Tortola, scheduled to open in 2010, can look forward to an elegantly appointed 100-room resort exuding the intimate, residential feel that distinguishes Raffles hotels and resorts across the globe. Located in this picturesque backdrop as well are 250 Raffles Residences of luxury villas, casitas, condominiums and estate lots available for ownership. In addition, residents will have a choice of four restaurants and bars offering an innovative and varied selection of cuisine and cocktails. Three swimming pools, a fitness centre and two beach clubs provide an extensive range of leisure activities at Raffles Tortola. The resort also features 5,000 square feet of meeting space for conferences, as well as corporate and social events.
    
Raffles Tortola will also bear another signature component of Raffles hotels and resorts found around the world - RafflesAmrita Spa. Ancient Sanskrit legend has it that 'Amrita' was the magical elixir of youth sought by deities. RafflesAmrita Spa at Raffles Hotel and Raffles The Plaza in Singapore, as well as Raffles Resort Canouan Island in The Grenadines have all been acknowledged as best spa in their respective destinations. At Raffles Tortola, RafflesAmrita Spa will occupy an expansive 15,000 square feet, offering residents hours of pampering in an oasis of calm and luxury.
    
Raffles Tortola is only 10 minutes from Beef Island Airport and 15 minutes from Road Town, capital of the British Virgin Islands. Connections to Beef Island Airport are available through several Caribbean airports including San Juan, St Thomas, Antigua, St Kitts or St Martin.
    
Said Dr. the Honourable D. Orlando Smith, Chief Minister and Minister of Tourism of the British Virgin Islands, "The British Virgin Islands has long been able to offer world class accommodations, however, Raffles will bring to Tortola a degree of luxury which is truly first rate and world class. The business and tourism communities have long asked for a resort of this stature on Tortola and Raffles will meet that demand. The fact that this resort is 100% owned by British Virgin Islanders is a perfect example of how we as a people are able to develop a large-scale project with the same quality and success enjoyed by major investors throughout the world. This is an accomplishment of which we are all extremely proud."
    
"My partner, Percy Rhoden and I, are thrilled to be part of The British Virgin Islands dynamic tourism growth, and Raffles Tortola can only add to the island's reputation as a choice destination for visitors to the British Virgin Islands," said Mark Vanterpool, Co-Director of Greenfield Property Holdings Ltd. "This is Raffles' first project in the Virgin Islands and we are very pleased to be working with such a world renowned brand."
    
"Raffles Tortola will be distinguished by the heartfelt service and residential charm that is characteristic of the Raffles brand," said Diana Ee Tan, Managing Director of Raffles Hotels & Resorts. "This luxurious sanctuary will be an ideal point from which residents can enjoy the lush landscape and white sand beaches of Tortola, and we are delighted that Greenfield Property Holdings Ltd. has appointed Raffles to manage this gem in such an awe- inspiring locale and destination."
    
ABOUT TORTOLA
    
The British Virgin Islands comprise of 60 islands, of which Tortola is the largest and most populated. Secluded white sand beaches such as Apple Bay, Elizabeth Beach and Smuggler's Cove make for excellent swimming and snorkelling. Warm Caribbean trade winds, clear blue waters and sheltered anchorages give Tortola its reputation as "sailing capital of the Caribbean". A gateway to the Caribbean, Tortola is also a favoured stop of many luxury cruise ships and travelers visiting the Virgin Islands. The island has many well-equipped facilities for fishing, scuba diving, golf or horseback riding. Tortola is also home to a variety of attractions including centuries-old ruins such as Fort George and lush green national parks, such as Sage Mountain National Park.
    
About Raffles Hotels & Resorts
    
Raffles is a collection of luxury hotels around the globe that distinguishes itself through the highest standards of products and services. Each hotel is a landmark in its respective city, positioned at the top of its local market and rated among the very best in the world.
    
Raffles' relentless pursuit of service excellence has earned for its hotels and resorts a legion of international accolades, including Conde Nast World's Best Places to Stay and Travel & Leisure World's Best Awards. Its flagship Raffles Hotel Singapore was named Best Luxury Hotel 2006 by Travel Trade Gazette Asia. Raffles Hotels & Resorts was ranked second among the world's top hotel brands in the 2006 Conde Nast Traveler Business Travel Awards.
    
The award-winning collection of legendary hotels includes Raffles Hotel and Raffles The Plaza in Singapore, Raffles Grand Hotel d'Angkor, Siem Reap, Cambodia, Raffles Hotel Le Royal, Phnom Penh, Cambodia, Raffles Beijing Hotel, People's Republic of China, Raffles L'Ermitage Beverly Hills in the U.S., and Raffles Resort Canouan Island, The Grenadines. Raffles Dubai, United Arab Emirates, will open in the third quarter of 2007.
    
Future additions to the Raffles portfolio include a hotel on the Cotai Strip in Macao, Raffles Da Nang in Vietnam, Raffles Tianjin in China, Raffles Konottaa in Maldives, Raffles St Lucia and Raffles Tortola in the Caribbean, Raffles Manila in the Philippines and Raffles Phang Nga in Phuket.
    
About Fairmont Raffles Hotels International, Inc.
    
Fairmont Raffles Hotels International, Inc. is a global hotel company headquartered in Toronto, Canada. The company owns and manages over 120 hotels in 25 countries under four brands, Fairmont Hotels & Resorts, Raffles Hotels & Resorts, Swissotel Hotels & Resorts and Delta Hotels as well as vacation ownership properties managed by Fairmont Heritage Place.

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Contact:

 Fairmont Raffles Hotels International, Inc.
http://www.raffles.com

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Also See: Elite Island Resorts Now Overseeing Management and Marketing of the 154-room Long Bay Beach Resort & Villas on Tortola, British Virgin Islands / February 2004
Laurance S. Rockefeller, Conservationist and Tourism Visionary, Honored With British Virgin Islands' Citizenship; Built Little Dix Bay Resort on Virgin Gorda in 1964 / September 2003
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