CTI.L Regulatory News (CTI)

19 Oct 2007 10:48

Cathay International Holdings Ld19 October 2007 19 October 2007 Cathay International Holdings Limited announces Landmark re-branded as Crowne Plaza Landmark Hotel & Suites Shenzhen Cathay International Holdings Limited ("CIH") is pleased to announce that itswholly owned subsidiary, Fuyuan Landmark (Shenzhen) Limited, has entered into a10-year agreement with a wholly owned subsidiary of the InterContinental HotelsGroup PLC ("IHG") to manage CIH's Landmark Hotel (the "Landmark Hotel") inShenzhen, China. The Landmark Hotel will be re-branded as Crowne Plaza LandmarkHotel & Suites Shenzhen by the end of this year. In year 2005, the Landmark Hotel conducted an extensive renovation to reflectthe market trend towards larger rooms for five-star hotels in China and to meetthe new "platinum five-star" standard required by the China National TourismAdministration, the highest hotel standard in China. The Landmark Hotel is nowone of the leading luxury class hotels in Shenzhen and South China, equippedwith 311 keys, with an average room size of 60 sq.m. (approximately 76% aresuites), banquet facilities, an executive lounge, an Italian restaurant andcoffee shop, a Chinese restaurant, a wine and cigar lounge, spa & fitnesscentre; and a unique butler service for all hotel guests. The Landmark Hotel has priced its suites and rooms at the top end of the market(which is nearly double the average room rates prior to its renovation) forcorporate and business customers. The feedback from hotel guests has beenpositive, both with regard to the hotel facilities and the services provided.The occupancy level has been gradually increasing since it fully re-opened.This is in line with our experience with market conditions in China after ahotel has been re-positioned and re-launched. CIH believes that it is appropriate to bring in an internationally known andexperienced hotel group to manage this redesigned Landmark Hotel, targetingcorporate customers and business travelers; and to expand the internationalcustomer base. IHG is the world's largest hotel group by number of rooms and is experienced inhotel management and has a global reservation network. Of the IHG's lodgingbrands, Crowne Plaza Hotel, a five-star hotel brand, represents the idealupscale hotel choice for business meetings, with personalized service, qualityfitness facilities, upscale dining and exceptional room accommodations. CIHbelieves that the operation and performance of the Landmark Hotel will benefitfrom the hotel management expertise and the worldwide reservation network of theIHG organization. CIH also believes that the Crowne Plaza Hotel & Suites whichfeatures suites as the unique characteristic under the Crowne Plaza Hotel brandis the right brand for the luxury class Landmark Hotel. For further information, please contact: Stephen HuntDeputy Chairman, Cathay International Holdings LimitedTel: +852 2828 9289 About CIH CIH owns a 100% interest in the luxury class five-star Landmark Hotel. Inaddition, CIH has built a vertically integrated pharmaceutical business inChina, with capabilities in research and development, manufacturing, marketingand distribution. CIH continues to explore acquisition opportunities in Chinafor new sources of steady earnings and capital growth. About IHG InterContinental Hotels Group PLC of the United Kingdom is the world's largesthotel group by number of rooms. InterContinental Hotels Group owns, manages,leases or franchises, through various subsidiaries, over 3,650 hotels and543,775 guest rooms in nearly 100 countries and territories around the world.The Group owns a portfolio of well recognised and respected hotel brandsincluding InterContinental(R) Hotels & Resorts, Crowne Plaza(R) Hotels &Resorts, Holiday Inn(R) Hotels and Resorts, Holiday Inn Express(R), StaybridgeSuites(R), Candlewood Suites(R) and Hotel IndigoTM, and also manages the world'slargest hotel loyalty programme, Priority Club(R) Rewards, with over 28 millionmembers worldwide. The Group's portfolio in Asia-Pacific region includes 165hotels and over 46,000 guest rooms under the InterContinental(R) Hotels &Resorts, Crowne Plaza(R) Hotels & Resorts, Holiday Inn(R) Hotels and Resorts,and Express by Holiday Inn(R) brands. This information is provided by RNS The company news service from the London Stock Exchange