Raffles to manage New Hotel in Shanghai

Raffles International has signed a management contract with Jing An City Construction Fitting Development Company (Jing’an Chengjian), to manage a new hotel development in Shanghai slated for opening in 2007. Named Swissôtel Grand Shanghai, the 478-room hotel will be managed under Raffles International’s Swissôtel brand. The deal marks Raffles International’s first foray into the buoyant Shanghai market.

Spurred by significant economic growth over the past few years, Shanghai has become a major commercial city and financial centre in China. Total tourists arrivals grew at an annual rate of 15.8% between 1998 and 2003 and are expected to continue to post double-digit growth over the next few years. Correspondingly, demand for hotel accommodation increased by 10-15% per annum between 1997 and 2001. As the designated host of the 2010 World Expo and a growing number of major conferences and exhibitions, and a big beneficiary of China's recent accession to the World Trade Organisation, the future outlook for Shanghai’s hotel accommodation market remains strong.

Ms Jennie Chua, President and Chief Executive Officer of Raffles Holdings commented, “The signing of this management contract with Jing’an Chengjian is a significant milestone for Raffles International as we have now gained a foothold in Shanghai which is a key and important gateway city in China. We are indeed pleased to have a business partner who is highly reputable in Shanghai. We believe that besides business and leisure travel, Shanghai is poised to experience growth in its convention and exhibition industry.”

The 25-storey, 478-room Swissôtel Grand Shanghai will be conveniently located in the prime district of Jing’an. The hotel is within walking distance to Nanjing West Road, the city’s busiest shopping street lined by high-end shopping malls such as Plaza 66 and Citic Square. It is approximately 50 minutes from the new Pudong International Airport or 20 minutes from the Hongqiao Airport, and is close to popular attractions such as the Jing’an Temple, Shanghai Grand Theatre and Shanghai Museum. Upon completion in 2007, the hotel will have spa and gym facilities, a swimming pool, four restaurants and bars, Swiss Business Executive Club Floors and other business facilities.

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