NEW YORK--(BUSINESS WIRE)--Nov. 30, 2001--The Leading Hotels of the World, Ltd. will accelerate plans for continued business expansion in the luxury sector, it was announced today by Paul M. McManus, President & Chief Executive Officer.
Working in concert with Arthur Andersen LLP, The Leading Hotels of the World, Ltd. is making plans to continue to aggressively expand its product line in its bid to be the preeminent provider of products and services to luxury hotels and to the luxury marketplace.
In the current economy, many luxury-oriented companies are scaling back plans for expansion, notes Mr. McManus. The Leading Hotels of the World, Ltd., on the other hand, views this as the perfect time for us to expedite our plans to launch joint ventures. We believe this business climate offers tremendous opportunities for us to provide additional benefits to the luxury hotel marketplace.
The Leading Hotels of the World, Ltd. began a strategic growth program in 2000 through the launch of four joint venture companies: Leading Group Sales (providing group sales to member hotels), Leading Financial Services (for travel agent commission processing), Leading Marketing Services (a full-service advertising and marketing firm), and Leading Quality Assurance (defining luxury hotel standards). The company continued its growth in 2001 through the creation of Leading Interactive Reservations (an e-commerce based travel organization).
As a result of in-depth market research and business plan development with Arthur Andersen, The Leading Hotels of the World, Ltd. is maintaining the momentum created by the initial successful joint venture launches and will expedite plans to expand its product line with a series of new opportunities. These will include Leading Career Services (for luxury hotel employment recruiting services); enhanced financial services opportunities through Leading Financial Services; and The Leading Hotel Schools of the World (to be launched in mid-2002).
The year 2000 was the best ever for The Leading Hotels of the World, Ltd. in terms of sales and revenue. For 2001, hotel membership is at an all-time high, with 395 hotels in the portfolio, and Mr. McManus reports that they have received more inquiries for membership in the past 60 days, than ever before; owing to its brand strength in these difficult times. One of the primary initiatives which the company will be focusing on in its continued effort to remain the premier luxury hotel marketing organization, is to expand its customer asset base. As a result, for the first time in its history, The Leading Hotels of the World, Ltd. is seeking capital -- through an equity private placement -- to pursue these growth opportunities. For example, Leading's internet initiatives have produced a 200% year over year growth rate.
Arthur Andersen is working with The Leading Hotels of the World, Ltd. to identify potential financial partners to enable us to achieve our goal as 'the luxury solution for the hotel industry,' notes Mr. McManus. This is an exciting time for us. We have received four industry awards this year for our innovative business strategies. There is no doubt in our minds that we are on the right track and in order to maximize our potential, a private placement is the most strategic choice at this point in time.
The Leading Hotels of the World, Ltd. is the premier organization of the world's finest luxury hotels. Headquartered in New York City, the company maintains a network of 18 regional offices in key cities around the world.
CONTACT: The Leading Hotels of the World, Ltd.
For corporate information:
Jane Coloccia, Director of Communications, 212/515-5713
jcoloccia@lhw.com
or
For hotel information:
Karen Preston, Public Relations Manager, 212/515-5631
kpreston@lhw.com
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