Industry Update
Press Release18 February 2004

Regent International Hotels Signs Agreement to Open Luxury Hotel in China The Regent Ningbo scheduled to open in 2005

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Regent International Hotels

NINGBO, People's Republic of China - Regent International Hotels today announced plans to build a new luxury hotel at Ningbo in the Yangtze River Delta. The Regent Ningbo will be the first international luxury hotel in this fast-growing area of east China, 160kms (100 mi.) south of Shanghai. Regent International Hotels is part of Minneapolis- based Carlson Hotels Worldwide. Scheduled to open in October 2005, the hotel will be managed by Carlson Hotels Asia Pacific, Carlson's regional headquarters for the Asia-Pacific region.

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The 325-room Regent Ningbo will be the centrepiece of major redevelopment currently underway to transform the downtown area of the Ningbo Economic and Technical Development Zone, also known as Beilun. The 110,000 square metre (1.2 million sq. ft.) project will also feature a mid-tier hotel, offices and a retail and entertainment centre.

A signing ceremony in Ningbo attended by Carlson Hotels Asia Pacific president and managing director, Paul Kirwin, Yuan Wang Huaxia Real Estate Development Company (YWHX) managing director, Ting-Yuan Lee, and Vice- Mayor of Ningbo City, Li Yao, marks a further step forward in Carlson's China expansion.

"We are aggressively promoting the development of The Regent brand in China," Mr. Kirwin said. "Besides The Regent Ningbo we are currently finalising negotiations or designs for other Regent hotel projects in Beijing and Shanghai "We expect to open as many as seven Regent hotels over the next 10 years."

"We are delighted to be working with Yuan Wang Huaxia Real Estate Development Company and authorities from the Ningbo Economic and Technical Development Zone to bring one of the world's most prestigious luxury hotel brands to one of China's fastest growing regions," Kirwin added.

Mr. Kirwin said the hotel would reflect the 'grand and elegant, yet refined and subtle style' that has become a synonymous with The Regent luxury brand worldwide.

"The Regent Ningbo will serve business travellers and local residents, providing superb service, accommodation and food and beverage," Mr. Lee said. "We see this project as a key part of the development of downtown Beilun, and intend to invest over RMB 500,000,000 (USD $60.5 million) on the hotel. We are very pleased to have Carlson as a partner in this exciting project, and look forward to a long-lasting and productive relationship," he added.

The Regent Ningbo will feature a mix of 270 guestrooms and 55 suites. It will have two Chinese signature restaurants, a Japanese restaurant, a bar and grill, international cuisine restaurant, and lobby and poolside bars. It will also feature a 1,000 square metre (11,000 sq. ft.) ballroom, function and meeting rooms, business centre and a Regent executive lounge.

Research undertaken by YWHX's advisor and representative, TZG Partners, indicates the hotel will attract more than 50 percent of its business from the rapidly expanding local business community with the remainder being international business travellers, mainly from Hong Kong, Taiwan, Japan and the United States.

Ningbo is the fourth wealthiest city in China and one of five Chinese cities afforded special economic development zone status under direct jurisdiction of the State Council. Beilun and the Ningbo Economic and Technical Development Zone is situated on Hangzhou Bay and is the deep-water port for the Yangtze River Delta and the second largest port in China.

With a population of six million, Ningbo is one of the most vibrant economies in China. It has more than 54,000 local private and 7,000 foreign invested enterprises engaging mainly in clothing and textile manufacturing, electronics, industrial machinery and the import /export trade.

Bordering Shanghai to the north and Hangzhou to the west, Ningbo has a long and important history dating back 7,000 years to the Neolithic Hemudu Culture. As one of China's initial five international commercial ports, it was one of the earliest Chinese cities opened to the outside world.

Regent International Hotels was born in Asia more than 30 years ago. It is now the luxury flagship brand among Carlson's suite of five hotel brands: Regent International Hotels, Radisson Hotels & Resorts, Park Plaza Hotels & Resorts, Country Inns & Suites By Carlson and Park Inn.

Ningbo-based Yuan Wang Huaxia Real Estate Development Company is developing the new Regent Ningbo. Founded in 1996, the privately held company has developed a reputation for quality residential, retail, educational and commercial developments. This development is being designed by US- based architects, BBG and project managed by Scott Wilson Ltd.

Regent International Hotels has embarked on selective global growth program for the luxury hotel company. Additional new properties under development include: The Regent Boston at Battery Wharf Hotel and Residences near Boston, The Regent South Beach in Miami, and The Regent Winter Park near Orlando.

Singapore-based Carlson Hotels Asia Pacific is the regional headquarters for Carlson Hotels Worldwide in the Asia-Pacific region and is supported by reservations, sales and development offices in Tokyo, Hong Kong and Sydney. Carlson Hotels Worldwide, based in Minneapolis, Minnesota, includes five hotel brands: Regent International Hotels, one of the most respected brands in the luxury segment of the hotel industry; Radisson Hotels & Resorts, one of the world's leading upscale, full- service hotel brands; Park Plaza Hotels & Resorts, positioned in the midscale segment of the full-service hotel category and known for its great value and customer-focused service culture; Country Inns & Suites By Carlson, one of the fastest growing, midscale hotel brands; and Park Inn, a unique emerging hotel brand offering a relaxed environment in the economy category.

Carlson Hospitality Worldwide is a global leader in hospitality services, encompassing more than 1,690 hotel, resort, restaurant and cruise ship operations in 82 countries. Carlson Hospitality Worldwide is one of the major operating groups of Carlson Companies, Inc., a global leader in providing corporate solution and consumer services in the marketing, travel and hospitality industries. Other names in the Carlson family of brands and services are: TGI Friday's® restaurants, Radisson Seven Seas Cruises®, Carlson Wagonlit Travel®, and Carlson Marketing Group®, the largest relationship marketing services company in the United States.

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Kristi Arndt
Director of Corporate Public Relations
Phone: +1 (612) 540-5626
Fax: +1 (612) 449-3400
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