Raffles International Clinches Twin Turkish Deals

Mr. Richard Helfer, Chairman & Chief Executive Officer of RIL says, "The addition of these two hotel management contracts fits in with our strategic thrusts of increasing global reach and enhancing brand equity through increased focus on management contracts. These new management agreements present us with an excellent opportunity to further increase the recognition of the Swissotel brand, as well as the master brand of Raffles International in Turkey and the neighbouring Mediterranean countries.

The World Travel & Tourism Council has projected Turkey to be the leading tourist destination in the next 10 years, with tourism growing at more than double the rate of the rest of the world.

"Raffles International (RIL) currently manages two hotels in Turkey, namely, the Swissotel Istanbul -- The Bosphorus and Swissotel GOcek. Hence, we have strong knowledge of the hotel market and the operating environment in Turkey. Swissotel Istanbul -- The Bosphorus has been operating for 10 years, and since its opening in 1991, has been a market leader in the city. The addition of these two new hotels will enable RIL to tap on synergies in operations which arise from regional aggregation and purchasing, shared services in finance, administration, human resource management and regional reservations, sales and marketing," says Mr. Richard Helfer, Chairman & Chief Executive Officer of RIL. With 17 hotels in operation and due for opening in The Mediterranean and European regions, RIL is well poised to further strengthen and consolidate its presence in these fast growing tourism markets.

Mr. Naci Yatbaz, General Manager & Chief Executive Officer of the Pension Fund of The Republic of Turkey says, "Raffles International (RIL) has hotels in 33 destinations, including proven track record of operating successful hotels in Europe and the Mediterranean. We are pleased to note that a good number of RIL managed hotels world-wide and in these regions are rated among the world's top hotels, such as Swissotel Istanbul, The Bosphorus, Raffles Hotel Vier Jahreszeiten and Le Montreux Palace. We are indeed very pleased to be a partner of a well-respected international hotel chain."

Located in the city of Bursa, southeast of the Sea of Marmara, The Hotel Celik Palas originally opened in 1975. The hotel is currently under construction and expected to re-open as Swissotel Bursa -- The Celik Palas in 24 months' time.

The city of Bursa lies on the lower slopes of Uludag on Mt. Olympos of Mysia, one of the most important ski resorts in Turkey. Known as the Green Bursa, the city is filled with gardens and parks. It is also the centre of an important regional fruit market. Bursa is famous for its silk trade, towel manufacture and thermal springs. It also plays an important role in the Turkish economy with its strong positioning in car manufacturing (Renault, Peugeot, Ford, Toyota), machinery, textile and food industries. With 27 archaeological, cultural and civic monuments, the former capital of the Ottoman Empire -- Bursa is one of the most important cities and meeting places for explorers and historians. The hotel's 174 rooms and suites overlook the green city of Bursa and the botanic gardens. Within walking distance from the city centre, the hotel will feature an Amrita Spa incorporating a thermal water pool and a traditional Turkish bath. In addition, it has a congress parlour for 100 persons, three meeting rooms and an open amphitheatre for 250 people. The inter-connecting meeting rooms have a combined capacity of 1,000 persons.

The 353-room hotel is prominently located in the heart of Izmir in a lush garden, overlooking the Corniche (the equivalent of the Promenade des Anglais in Nice) on the Aegean Sea. It is an important social gathering place of the city and has become an icon of Izmir through the years. The hotel is within walking distance from the Archaeological Museum and the commercial centre of the main Izmir Cultural Park where the International Izmir Fair takes place each August and September.

As the second largest harbour in Turkey, Izmir has enjoyed significant increase in trade activities since the establishment of the Aegean Free Zone several years ago. The first luxury hotel to be opened in Izmir in 1964, The Grand Hotel Efes is sited in the hub of commerce. The Izmir Efes Convention Centre, located adjacent to the hotel, and operational since 1995, will also be managed by RIL. To be re-launched as the Swissotel Izmir -- The Grand Hotel Efes, this landmark hotel will feature RIL's signature Amrita Spa, inclusive of a Turkish bath, saunas, an Olympic-sized indoor swimming pool, as well as an outdoor swimming pool. It will also have 14 meeting and banquet rooms with a combined capacity of 1,500 persons for indoor functions and a capacity of 3,000 persons for outdoor functions. The fully renovated Conference Centre will feature an auditorium for 1,550 people.

Raffles International Limited, formed in 1989, is a name well respected in the industry for its standards of quality, award-winning concepts and innovative approach towards hotel management.

Raffles International's hotels and resorts are marketed under a two-tiered brand structure. The "Raffles brand" hotels distinguish themselves by the highest standards of products and services available in major cities on an international level. The "Swissotel" and "Merchant Court" hotels offer quality accommodation and the full range of modern facilities and amenities expected by today's discerning traveller, with an emphasis on quality and comfort. Many hotels in the Raffles International portfolio have been voted top hotels in the world.

These include the legendary Raffles Hotel Singapore, Brown's Hotel London, Hotel Vier Jahreszeiten Hamburg, Raffles L'Ermitage Beverly Hills and Le Montreux Palace. Raffles International also operates Amrita Spa, the largest spa network in Asia and the SPAcademy, Singapore's premier spa education and skills training institute. The Raffles International Training Centres in Singapore and Phnom Penh offers training programmes for the hospitality and service industry.

Raffles International Limited is the hotel management subsidiary of Raffles Holdings Limited. Raffles Holdings Limited's portfolio comprises hotels and resorts in 33 destinations across the six continents of Asia, Europe, North America, South America, Australia and Africa. Raffles Holdings is a subsidiary of CapitaLand Limited. Both companies are listed on the Singapore Stock Exchange.

CapitaLand is one of the fastest growing listed property companies in Asia. CapitaLand's diversified big interests cover commercial and industrial buildings, residential, serviced residences, hotels and hospitality, property funds, real estate financials and property services. Headquartered in Singapore, the multinational company has property, hospitality and property related products and services spanning more than 50 cities.