RAFFLES INTERNATIONAL EXTENDS ITS GLOBAL REACH WITH THE ACQUISITION OF ITS FIRST NORTH AMERICAN HOTEL

Raffles Holdings Limited (SGX Mainboard listed) has announced that it has acquired the L'Ermitage Beverly Hills, from the LAHOTEL Corporation, part of Credicom Asia for US$68 million. From October 6, 2000, Raffles International, the hotel management arm of Raffles Holdings, will manage and operate the L'Ermitage Beverly Hills under its Raffles brand of international super deluxe and landmark hotels.

Said Mr. Richard Helfer, President and CEO of Raffles Holdings Limited, "We are extremely pleased with the acquisition of the L'Ermitage Beverly Hills. The timing we feel is appropriate, as the demand for luxury and business hotels in the US, particularly in California, is strong. Through this acquisition we have ensured that our entry into a major market such as the US is anchored by a hotel which has an excellent reputation, coupled with the capacity to deliver the room yields we look for."

The hotel will be renamed and marketed as the Raffles L'Ermitage Beverly Hills, and is expected to benefit from marketing synergies with the Raffles tier of super deluxe hotels such as Raffles Hotel in Singapore and Brown's Hotel in London. Favoured by many of Hollywood's celebrities, movie stars and luminaries, the hotel fits very well with our Raffles tier of super deluxe hotels and appeals to an affluent niche of leisure and business travellers.

The name L'Ermitage is adapted from the word "Hermitage", meaning "home or abode of the hermit". The Raffles L'Ermitage Beverly Hills will provide an unsurpassed level of service and accommodation in the bustling city of Beverly Hills, California, where guests can enjoy Raffles International style hospitality. As one of the city¹s newest premium-class hotels, Raffles L'Ermitage Beverly Hills offers the latest in-room technology paired with the most luxurious accommodation. Elegantly decorated with a contemporary Euro-Asian atmosphere, the Raffles L'Ermitage Beverly Hills possesses a subtle aura of serenity and sublime luxury.

The Raffles L'Ermitage Beverly Hills boasts 124 spacious guest rooms and suites, including a 3,200 sq ft Presidential suite, a 2,000 sq ft Governor Suite, eight 1,350 sq ft L'Ermitage suites and three 1,000 sq ft Garden suites. The zen aesthetic of its guest rooms has earned the L'Ermitage a place on the Conde Nast Travellers' Gold List 2000, with the hotel being one of only four hotels in the world to achieve a perfect score for the valuation of its rooms. The hotel was also awarded the Mobil Travel Guide's 2000 Five Star rating of which there are only 24 throughout the entire United States.

All rooms and suites have the state-of-the-art Inncom System to afford guests complete control over room variables such as temperature, lighting, guest settings and a variety of other guest requests. Guestrooms are further equipped to support the savvy business traveller with equipment such as dedicated voice and data lines, copier, printer, fax, scanner, multi-line telephones including cellular phones in all guestrooms, Internet access and WEB-TV on 45-inch flat screen televisions.

The eight storey Raffles L'Ermitage Beverly Hills hotel has an intimate restaurant offering fine fusion cuisine, the living room and library bar for cocktails and conversation, an executive centre, a state-of-the-art fitness center, and a roof-top pool with an exquisite 360 degree view of the surrounding city and picturesque Hollywood Hills. In the near future, Raffles International has plans to further enhance the current pool and fitness facilities as one of its luxury Amrita Spas.

Raffles L'Ermitage Beverly Hills, located along Burton Way, between Wilshire Boulevard and Santa Monica Boulevard, is minutes away from the famous fashionable Rodeo Drive, unique boutiques, galleries and museums. The hotel's premier location is nearby Los Angeles' business and entertainment centers, the Los Angeles International Airport (LAX), Century City, Malibu and downtown.