GHM Fires Back at Lehman Brothers' Allegations

SINGAPORE, April 16, 2012 /PRNewswire/ -- General Hotel Management (GHM), innovative leaders in the luxury hotel space, has provided detailed financial statistics that refute the misleading claims that the Setai in Miami was mismanaged. "There is no evidence that any of the Lehman Brothers' accusations are legitimate," said Hans R. Jenni, president and director of GHM.  "The Setai's hotel management team is the best in the business. Our work at the Setai ensured the hotel was consistently ranked among the best hotels in North America."

Specifically, GHM provides data from 2010-2011, which confirms the work of GHM management in making the Setai profitable.

• Industry leading RevPAR index average of 200, surpassing all hotels in the region
• Hotel and rooms department expenses were consistent with industry standards
• Administrative and general department expenses were consistent with industry standards

"We will continue to share the exact details of our tenure at the Setai to ensure the truth is known," said Jenni.  "I will not stand by and have our company and our hotel management team subjected to a steady stream of baseless allegations."

The Setai South Beach, a GHM concept, was managed by the luxury hotelier since its opening. Under GHM's management, the Setai quickly became one of South Beach's most highly-regarded hotel and condo properties. 

The management contract expressly provides for prior notice of a breach and an opportunity to remedy prior to termination of the agreement.  No notice of any breach was given.  Lehman Brother's lawless and reckless actions were a clear breach of the management contract.

Since its opening, the Setai has been recognized as one of the top hotels in the world and has received the following prestigious awards and accolades:

• "2012 Platinum Circle Award" by Conde Nast Traveler
• "2012 Best hotels in the USA," "Top 50 Hotels in the USA," and  "#1 Best Hotel in Florida" by U.S. News & World Report
• "Best Large City Hotels" (2009, 2010, 2011) by Travel & Leisure
• "Gold List" (2007-2011) by Conde Nast Traveler UK
•  "#1 hotel in Miami Beach" by U.S. News and World Report
• "The Gold List 2011" by Condé Nast Traveler
• "Best in the World" by Readers' Choice Awards
• "The World's Best List, #9 Large City Hotel in US/Canada" by Travel & Leisure
• "Most Excellent Hotel, United States and Canada" by Conde Nast Johansens
• "Best for Romance" by SpaFinder Readers' Choice Awards
• "10 Great Hotel Restaurants of the World" by Hotels Magazine
• "2011 Gallivanter's Guide Award for Excellence," second place

About GHM

Established in 1992, GHM has created some of the world's most highly regarded intimate luxury resorts and hotels from its home base in Asia. Twenty years of living and working in these uncommon destinations provides GHM with valuable insights, local knowledge and cultural sensitivities that it shares with guests through genuine connections in each community.  For more information on GHM, please visit its website at www.ghmhotels.com.

SOURCE General Hotel Management