Swissotel Hotels & Resorts Slated for Purchase by Raffles Holdings, Ltd.

Apr 23, 2001, 01:00 ET from Swissotel Hotels & Resorts

    NEW YORK, April 23 /PRNewswire Interactive News Release/ -- SAirGroup,
 Swissotel's parent company, announced today that it has signed a definitive
 agreement with Raffles Holdings, Ltd. to sell Swissotel Holding, AG.  Raffles
 Holdings, Ltd., based in Singapore, owns and manages hotels and resorts in
 Asia, Europe and North America.
     "Swissotel has found the ideal partner in Raffles," stated Wolfgang Werle,
 President and Chief Executive Officer of SAirRelations, a division of the
 SAirGroup.  "The two brands are very complementary and the Swissotel
 philosophy will continue to be practiced at a high standard of quality."
     "This is a truly exciting time for Swissotel," said Andreas T. Meinhold,
 President and Chief Executive Officer of Swissotel Hotels & Resorts.  "Raffles
 shares Swissotel's renowned management philosophy and commitment to being a
 global player in the upscale and luxury hotel marketplace.  Swissotel's
 mission is to be fully aligned with Raffles' commitment to the high-level
 delivery of luxury service in its operations and to targeted expansion and
 growth.  The integration will be seamless to Swissotel guests, whose service
 requirements and preferences will remain our central focus," he said.
     The acquisition will enable the companies to take advantage of important
 synergies and strengthen Raffles' long-term growth plan focused on investment
 in its hotel operations.
     "This acquisition offers a compelling strategic fit on terms that are
 consistent with our desire for increased global reach, enhanced brand equity,
 and operating benefits of scale," said Richard Helfer, President & Chief
 Executive Officer of Raffles Holdings, Ltd.  "With Swissotel's operational
 talent, reputation for service and attention to guest preference, we also
 intend to take full advantage of and build upon the unique Swiss tradition of
 service," he said.
     SAirGroup initiated the sale of Swissotel as part of a strategy to refocus
 on its core airline businesses and engaged Credit Suisse First Boston to
 assist with the divestiture.  SAirGroup targeted potential buyers that would
 complement Swissotel's business operations, management philosophy and luxury
 brand reputation.  With this sale SAirGroup will complete its divestiture of
 its hotel operations with total proceeds of CHF 520 million.
 
     About Swissotel Hotels & Resorts
     Swissotel Hotels & Resorts currently operates or markets hotels in North
 America, Latin America, Europe, Asia and the Middle East.  Contact Swissotel
 Hotels & Resorts at 405 Park Avenue, New York, NY 10022-4405; telephone
 212-317-3900 or visit the Web site at http://www.swissotel.com
 
     About Raffles Holdings, Ltd. (Post Acquisition)
     Raffles Holdings Limited is the leading hotel chain headquartered in Asia
 Pacific, having a portfolio with the most extensive reach worldwide, across
 the six continents of Asia, Europe, North America, South America, Australia
 and Africa.  Raffles Holdings has a portfolio of 39 hotels with 13,448 rooms
 in 34 destinations.  Raffles Holdings is a subsidiary of CapitaLand Limited,
 which has an asset base of over S$18 Billion.  Both companies are listed on
 the Singapore Exchange.
     Raffles International's hotels and resorts are marketed under a two-tiered
 brand structure.  The "Raffles brand" distinguishes itself by the highest
 standards of products and services available in major cities on an
 international level.  The "Swissotel brand" and "Merchant Court" hotels offer
 quality accommodation and the full range of modern facilities and amenities
 expected by today's discerning traveler, with an emphasis on quality and
 comfort.
 
     For more information, please contact:
 
     U.S. CONTACT:                        ZURICH CONTACT:
     Julee C. Cooke                       Renate Maurer
     Director, Corporate Communications   Marketing Communications Mgr
     Swissotel Hotels & Resorts           Swissotel Hotels & Resorts
     Tel. +1-954-447-2510                 Tel. +41-1-893-1045
     Tel. +1-212-317-6252                 Fax +41-1-810-9490
     Fax +1-954-447-2511
     Email: julee.cooke@swissotel.com     Email: renate.maurer@swissotel.com
     Website - www.swissotel.com          Website - www.swissotel.com
 
 
                                SINGAPORE CONTACTS:
 
     INVESTOR RELATIONS                   MEDIA
     Mr. Clarence Fu                      Mr. Quek Chin Tuan
     Director, Investor Relations         Corporate Director, Mktg. Services
     Tel +65-430-1357                     Tel. +65-430-1158
     Fax: +65 339-1713                    Fax: +65-339-1713
     Email: clarencefu@raffles.com        Email: chintuan@raffles.com
 
 
                                          Ms. Marina Wee
                                          Senior Manager, Public Relations
                                          Tel: +65-430-1168
                                          Fax: +65-339-1713
                                          Email: marina@raffles.com
 
     Corporate Website - www.rafflesholdings.com
     Raffles International Website - www.raffles.com
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X89940516
 
 

SOURCE Swissotel Hotels & Resorts
    NEW YORK, April 23 /PRNewswire Interactive News Release/ -- SAirGroup,
 Swissotel's parent company, announced today that it has signed a definitive
 agreement with Raffles Holdings, Ltd. to sell Swissotel Holding, AG.  Raffles
 Holdings, Ltd., based in Singapore, owns and manages hotels and resorts in
 Asia, Europe and North America.
     "Swissotel has found the ideal partner in Raffles," stated Wolfgang Werle,
 President and Chief Executive Officer of SAirRelations, a division of the
 SAirGroup.  "The two brands are very complementary and the Swissotel
 philosophy will continue to be practiced at a high standard of quality."
     "This is a truly exciting time for Swissotel," said Andreas T. Meinhold,
 President and Chief Executive Officer of Swissotel Hotels & Resorts.  "Raffles
 shares Swissotel's renowned management philosophy and commitment to being a
 global player in the upscale and luxury hotel marketplace.  Swissotel's
 mission is to be fully aligned with Raffles' commitment to the high-level
 delivery of luxury service in its operations and to targeted expansion and
 growth.  The integration will be seamless to Swissotel guests, whose service
 requirements and preferences will remain our central focus," he said.
     The acquisition will enable the companies to take advantage of important
 synergies and strengthen Raffles' long-term growth plan focused on investment
 in its hotel operations.
     "This acquisition offers a compelling strategic fit on terms that are
 consistent with our desire for increased global reach, enhanced brand equity,
 and operating benefits of scale," said Richard Helfer, President & Chief
 Executive Officer of Raffles Holdings, Ltd.  "With Swissotel's operational
 talent, reputation for service and attention to guest preference, we also
 intend to take full advantage of and build upon the unique Swiss tradition of
 service," he said.
     SAirGroup initiated the sale of Swissotel as part of a strategy to refocus
 on its core airline businesses and engaged Credit Suisse First Boston to
 assist with the divestiture.  SAirGroup targeted potential buyers that would
 complement Swissotel's business operations, management philosophy and luxury
 brand reputation.  With this sale SAirGroup will complete its divestiture of
 its hotel operations with total proceeds of CHF 520 million.
 
     About Swissotel Hotels & Resorts
     Swissotel Hotels & Resorts currently operates or markets hotels in North
 America, Latin America, Europe, Asia and the Middle East.  Contact Swissotel
 Hotels & Resorts at 405 Park Avenue, New York, NY 10022-4405; telephone
 212-317-3900 or visit the Web site at http://www.swissotel.com
 
     About Raffles Holdings, Ltd. (Post Acquisition)
     Raffles Holdings Limited is the leading hotel chain headquartered in Asia
 Pacific, having a portfolio with the most extensive reach worldwide, across
 the six continents of Asia, Europe, North America, South America, Australia
 and Africa.  Raffles Holdings has a portfolio of 39 hotels with 13,448 rooms
 in 34 destinations.  Raffles Holdings is a subsidiary of CapitaLand Limited,
 which has an asset base of over S$18 Billion.  Both companies are listed on
 the Singapore Exchange.
     Raffles International's hotels and resorts are marketed under a two-tiered
 brand structure.  The "Raffles brand" distinguishes itself by the highest
 standards of products and services available in major cities on an
 international level.  The "Swissotel brand" and "Merchant Court" hotels offer
 quality accommodation and the full range of modern facilities and amenities
 expected by today's discerning traveler, with an emphasis on quality and
 comfort.
 
     For more information, please contact:
 
     U.S. CONTACT:                        ZURICH CONTACT:
     Julee C. Cooke                       Renate Maurer
     Director, Corporate Communications   Marketing Communications Mgr
     Swissotel Hotels & Resorts           Swissotel Hotels & Resorts
     Tel. +1-954-447-2510                 Tel. +41-1-893-1045
     Tel. +1-212-317-6252                 Fax +41-1-810-9490
     Fax +1-954-447-2511
     Email: julee.cooke@swissotel.com     Email: renate.maurer@swissotel.com
     Website - www.swissotel.com          Website - www.swissotel.com
 
 
                                SINGAPORE CONTACTS:
 
     INVESTOR RELATIONS                   MEDIA
     Mr. Clarence Fu                      Mr. Quek Chin Tuan
     Director, Investor Relations         Corporate Director, Mktg. Services
     Tel +65-430-1357                     Tel. +65-430-1158
     Fax: +65 339-1713                    Fax: +65-339-1713
     Email: clarencefu@raffles.com        Email: chintuan@raffles.com
 
 
                                          Ms. Marina Wee
                                          Senior Manager, Public Relations
                                          Tel: +65-430-1168
                                          Fax: +65-339-1713
                                          Email: marina@raffles.com
 
     Corporate Website - www.rafflesholdings.com
     Raffles International Website - www.raffles.com
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X89940516
 
 SOURCE  Swissotel Hotels & Resorts