CTI.L Regulatory News (CTI)

17 Jun 2005 15:00

Cathay International Holdings Ld17 June 2005 Cathay International Holdings Limited17 June 2005 Trading Update Landmark Hotel Renovation Programme In December 2004, the Landmark Hotel (the "Hotel"), the Company's 351-roomfive-star Hotel in Shenzhen, China was closed for a major renovation. Althoughit was anticipated that the renovation would be completed by mid 2005, therenovation programme has experienced delays and the Hotel is now expected tore-open in the third quarter of 2005. As previously announced, all rooms in the Hotel are being redesigned andenlarged to reflect the market trend toward larger rooms for five-star hotels inShenzhen and to enable the Hotel to achieve a new "platinum five-star" hotelrating from the China National Tourism Administration, the highest standard forhotels in China. When the renovation is completed, the Hotel will have 235renovated and enlarged rooms and suites. Other new facilities are also beingadded as part of the renovation including a new and enlarged banquetingfacility, a new executive lounge, a new Italian restaurant and coffee shop and anew spa. Although the renovation has fallen behind its original schedule, thecost of the programme is still within the previously announced estimate of US$10to 12 million. The Hotel's management team is taking advantage of this delay to further enhanceand increase staff training and service quality in preparation for a successfulre-opening of the Hotel. Enquiries to: Cathay International Holdings Limited25/F Standard Chartered Bank Building4-4A Des Voeux RoadCentral DistrictHong Kong Attention: Stephen Hunt, DirectorTel: +852 2828 9289 This information is provided by RNS The company news service from the London Stock Exchange