Interstate signs DoubleTree agreement

Interstate China Hotels & Resorts Company Limited (“Interstate China”), announced that it has signed an agreement to manage the 850-room DoubleTree by Hilton hotel, the first DoubleTree franchised property in China. The hotel converted to the DoubleTree by Hilton Shanghai-Pudong on February 28, 2012 and will immediately begin a multi-million dollar (USD) comprehensive renovation to be completed in 2013. This represents the seventh Interstate China-managed or signed hotel in China, including the previously announced luxury J Hotel located in Shanghai Tower anticipated to open in 2015. Interstate China is a joint venture between Shanghai Jin Jiang International Hotels Company Limited (“Jin Jiang Hotels”), China’s leading hotel operator and developer, and Interstate Hotels & Resorts, the largest and leading U.S.-based global hotel management company. “Our joint venture with Jin Jiang Hotels is a business model that we have successfully implemented in other regions, and it is extremely gratifying to be the first hotel operator of a franchised DoubleTree by Hilton hotel in China,” said Jim Abrahamson, Interstate’s chief executive officer. “The Company’s outstanding reputation as a quality operator of leading international brands, and our highly experienced Interstate China executive team combined with our depth of resources and infrastructure will support our planned growth in China.” Andrew Clough, senior vice president - development, Middle East & Asia Pacific, Hilton Worldwide said, “This is a watershed project for Hilton Worldwide as it is the first franchise licence agreement we have signed in China with our fast-growing, upscale DoubleTree by Hilton hotel brand. Shanghai Eastern Jin Jiang Hotel Co. Ltd. and its parent company, Jin Jiang International Holdings Co. Ltd, have established themselves as a formidable force within the hospitality sector in China with numerous properties to their name.” Formerly the Sofitel JJ Oriental Hotel, the two-tower 850-room hotel is located in Shanghai’s dynamic Pudong district, offering convenient access to Pudong International Airport and the Shanghai New International Exposition Center (SNIEC). Amenities include more than 16,000 square feet of flexible meeting and special event space, a fitness center, spa with men’s and women’s sauna and steam facilities, outdoor tennis courts, indoor swimming pool and extensive retail shops. As part of the hotel’s upcoming refurbishment program, a new 800 square meter (8000 square feet) ballroom will be constructed, while all food & beverage outlets, meeting and banquet space, and retail offerings will also be re-designed and revitalized to meet the high quality standards and contemporary style of DoubleTree by Hilton brand. The hotel is owned by Shanghai Jin Jiang International Hotels (Group) Co. Ltd. Additional information is currently available at www.shanghaijjorientalhotel.com , and can be found on the web at www.shanghaipudong.doubletree.com as of the conversion date of February 28th, 2012.