Stamford Hotels and Resorts Reports 75% Revenue Growth From SRS WORLDHOTELS� Global Distribution Business; Celebrates First Anniversary of Partnership

One year into its partnership with SRS-WORLDHOTELS, Stamford Hotels & Resorts has announced revenue growth from global distribution system business of more than 75 per cent for the year August 2002 to July 2003 compared to the previous year.

The results have been achieved despite declining international visitors to Australia and only modest increases to New Zealand, and the detrimental effects of the SARS outbreak and Iraq War on global travel.

Group Director of Marketing and Sales, David Perry, said the impressive figures were a direct result of the Group�s focus on service excellence and strategic partnerships with the region�s leading corporate organisations.

The results mark the first anniversary of Stamford Hotels and Resorts� partnership with SRS-WORLDHOTELS, which has generated strong growth for the Group in bookings made through its global distribution systems � the systems used to facilitate bookings from travel agencies and many web sites around the world.

�The importance of our strategic partnership with SRS-WORLDHOTELS cannot be underestimated,� Mr Perry said. �SRS-WORLDHOTELS have not only promoted our brand aggressively in global markets, they have also given our 10 luxury landmark hotels access to no less than 32 dedicated sales offices around the globe. These resources have helped to build recognition of our brand as one of the region�s leading accommodation organisations, and, critically, have also assisted in developing vitally important sales relationships with overseas corporate organisations. Our growth figures reflect the first year�s success of such activity.�

Perry said the partnership has also had a positive effect for the promotion of Australia and New Zealand in regional and overseas markets.

�This partnership has delivered even more opportunities for Australian and New Zealand products at the high end of the market through its active promotion at global tradeshows, helping to lift our profile and that of our nations as a result,� he said

Stamford Hotels and Resorts has been most active in taking advantage of the preferred status enjoyed by SRS WORLDHOTEL members with six major international airlines.

Promotions have run in nearly all of the SRS preferred airline partner frequent flyer programs, including those of Delta, ANA, Lufthansa, United, Thai, Varig and Asiana. This is on top of Stamford�s already strong association with Air New Zealand and Qantas

Roland Jegge, Vice President of SRS WORLDHOTELS for Asia Pacific, commended Stamford on their results. �Stamford Hotels and Resorts have really taken the opportunity to maximize the potential of this strategic alliance with SRS WORLDHOTELS,� Jegge said. �We are delighted to see such phenomenal growth in this first year despite what have been some of the most challenging trading conditions of the last 10 years.�

About Stamford Hotels and Resorts Stamford is the largest and fastest growing owner and operator of landmark luxury hotels in Australasia, with clear plans for regional and international expansion. The Group comprises of ten landmark luxury hotels in Australia and New Zeland. Stamford�s knight�s head logo is conceived from the family crest of Sir Stamford Raffles, who founded Singapore in 1819.

Currently, the Group comprises five star hotels in Sydney�s Central Business District and Double Bay, Melbourne, Brisbane, Adelaide and Auckland and a boutique five star hotel in Sydney city and Double Bay. There are also 4� star resort-style hotels in Sydney�s North Ryde and Adelaide, and a hotel at Sydney Airport.

About SRS-WORLDHOTELS SRS-WORLDHOTELS has more than 450 member hotels in its portfolio, representing over 80,000 rooms in 65 countries and 265 destinations worldwide. It is the only hotel marketing and representation group with three distinct membership categories: the exclusive Deluxe Collection, the First Class Collection and the Comfort Collection. SRS-WORLDHOTELS is committed to provide the smartest sales, marketing and reservations solutions to independently operated hotels and hotel groups.

For further information:

David Perry Group Director of Marketing and Sales Stamford Hotels and Resorts

Telephone: 02 9770 7702 Email: davidperry@stamford.com.au