Singapore – InterContinental Hotels Group today announced that it has received the 'Deal of the Year' Award for the management contract of the newly branded InterContinental Bangkok and Holiday Inn Bangkok, which is scheduled to reopen in 2005, at the prestigious 14th annual Hotel Investment Conference Asia Pacific last Friday.

InterContinental;
"We are delighted to have been awarded 'Deal of the Year' – the highest accolade and recognition awarded by fellow industry leaders – for the second time in three years", said Mr A. Patrick Imbardelli, Managing Director, Asia Pacific, InterContinental Hotels Group. "While we are proud to be acknowledged for our achievements in the hotel industry in Asia Pacific, more importantly, the award bodes well for InterContinental Hotels Group as it proves that that we have the right strategy, the brands and the people to successfully grow our business."

The Award was based on the votes of several hundreds of the industry's leading players at the conference held in Hong Kong last week. Participants included international hotel management companies, the World Travel and Tourism Council, consultancies such as Deloitte & Touche, property management companies such as Colliers International and Jones Lang LaSalle Hotels, and investment banks including Lehman Brothers, Sonnenblick-Goldman Company and Credit Suisse First Boston. The voting was undertaken by hotel industry players, investment community, operators and lenders and involved competing against two other significant, high-investment deals in the region such as the acquisition of Park Hyatt Sydney and Goldman Sachs' acquisition of a portfolio of Daei properties in Japan.

Shared Values Key to Successful Partnerships

Mr Imbardelli added, "The management deal signed between InterContinental Hotels Group, President Hotel and Tower (PHT) and the Srivikorn and Charoen-rajapark family group of Thailand marked the rapid and much-anticipated return of the InterContinental brand to Bangkok, one of the city's most enduring and recognized brands. The deal also presented us with an excellent opportunity to consolidate our presence in the mid-scale market, with a brand-defining Holiday Inn. The clear differentiation of the InterContinental and Holiday Inn brands will strengthen the combined hotels' penetration across the luxury and mid market segments. Furthermore, we believe that we will deliver significant enhancements in operating efficiencies and returns on investment to the owner."

InterContinental Hotels Group secured the deal with PHT after two years of discussion with the owners, the prominent Srivikorn and Charoen-rajapark families, with a very strong track record of long term ventures in manufacturing, property and other sectors. The key factors that contributed to InterContinental Hotels Group's success in winning one of the region's most sought-after deals were the mutual respect, common values and shared commitment by both companies to building and strengthening the relationship.

InterContinental Bangkok and Holiday Inn Bangkok are within Bangkok's central business district, close to major retail and leisure attractions and have immediate access to Chitlom skytrain station. The 381-room InterContinental Bangkok enjoys an imposing presence and offers excellent guest facilities and amongst the best and largest hotel meeting facilities in the city. Since its rebranding to the InterContinental brand, InterContinental Bangkok has secured a significant 20 per cent market share in Thailand in less than two months. The 377-room Holiday Inn Bangkok will provide an unbeatable location and facilities for the mid market guests.

"Thailand is one of Asia's most dynamic and vibrant cities and we believe that it has the potential to be a premiere tourist and business destination and gateway to Southeast Asia. With the introduction of the InterContinental Bangkok and the upcoming launch of Holiday Inn Bangkok, InterContinental Hotels Group is offering both international business and leisure travellers a wider range of guest experiences, products and services that meet their individual needs, whether they are seeking a luxury hotel experience or a place where they can relax and be themselves. Our reinforced presence in Thailand will also further extend our leadership in Asia Pacific and secure our position in a region that is poised for growth," he continued.

Successful Track Record of Leading Deals

InterContinental Hotels Group, then Six Continents Hotels, also received the Deal of the Year award in 2001 for its US$346 million acquisition of the Regent Hotel Hong Kong, a leading landmark hotel and a symbol of excellence in Hong Kong, which has been since been rebranded as InterContinental Hong Kong. The acquisition was one of the largest ever in the hotel industry in Asia.