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Diverse Portfolio of Managed Hotels |
DENVER � June 4, 2003 � Richfield Hospitality Services, a SWAN solution that has been providing practical, profitable hotel management services for more than 30 years, has released April performance results for its portfolio of managed hotel properties. Officials said these results demonstrate, that Richfield�s entrepreneurial approach, dedicated staff and uniquely flexible management philosophy can bring prosperity to the bottom line even in difficult times. �The economic downturn, coupled with the ever-changing landscape of world events, has affected the way we go about our business,� said Richfield President Aik Hong Tan. �Our flexibility and willingness to work even harder for our management partners have resulted in very positive gains. As for Richfield, I believe these troubled times have made us become even more focused and prudent in the manner by which we manage our clients� assets.� As examples, Tan cited three Richfield-managed
properties that achieved significant year-over-year increases in the first
four months of 2003. He said the variety of brand flags, geographic location
and property size that these three hotels represent proves that good management
practices results in better business � regardless of location, affiliation
or physical-plant factors:
Mendocino Hotel and Garden Suites, Mendocino, Calif. � This high-profile, 51-unit independent property�s revenues were nearly 16 percent higher in the first four months of this year than they were during the same period last year. �We think it�s even more remarkable that during this same period, we were able to produce gross operating profits results which doubled prior year,� Tan said. �Again, we focused on the property�s individuality and its reputation in the market, and flexible staffing levels with obvious positive results.� Holiday Select and Conference Center, Decatur, Ill. � This 370-room conference-center property realized a near 6-percent increase in revenues during the first four months of 2003, as compared with the same period last year � this in a region hit especially hard by the economic downturn. �This hotel�s performance becomes even more impressive when you look at the increase in profits year-over-year though April compared with the first four months of 2002,� Tan said. �We were able to help this hotel achieve profit margins that exceeded an 8.5 multiple, which resulted in an increase of more than $413,000 in profit.� �At the end of the day, our abilities are measured in terms of revenue and profit achievement,� said Bill Zollars, Richfield�s vice president of operations. �These three properties achieved outstanding results, and their diverse size, location and market positioning serve as examples of our excellent entrepreneurial approach to management and relentless focus on achieving the desired results for our owners.� About Richfield
For more information on the recent growth of Richfield in 2002-2003, and a look at its impressive portfolio of hotels, please visit www.Richfield.com. Swan Inc. is headquartered in Denver with approximately 1,000 employees. The company's shareholders include City e-Solutions Limited (CES) listed on the Hong Kong Stock Exchange, and Millennium & Copthorne Hotels plc, a U.K.-based company listed on the London Stock Exchange, operating 91 hotels worldwide. |
Contact:
Aik Hong
Tan
President, Richfield [email protected] 303-220-2185 Tom Conran
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