Press Release on 28 December 2002 By
CB Richard Ellis Asset Management (Asia Pacific) Ltd
On The Opening Of President Solitaire Hotel and Spa

President Solitaire Hotel and Spa, another fine property managed by CB Richard Ellis Asset Management (Asia Pacific) Limited (CBREAM), opened for business on 28 December 2002 as it welcomed Mr. Mogens Sonne as its first guest.

A Danish citizen, Mr. Sonne is a frequent business traveler to Thailand and was excited at being the first guest at this luxurious all-suite property.
Said Mr. Sonne, "It is not often that one gets such an honour and it is certainly a most wonderful and delightful way to end my year. I was most impressed with the design of this property and its focus on providing a luxurious experience to its residents"

President Solitaire Hotel and Spa is located at Sukhumvit Soi 11 with easy access to major highways, the Queen Sirikit National Convention Centre and other major exhibition venues, the airport, industrial estates, tourist attractions and major shopping districts. Guests can also take a leisurely walk to the Nana BTS Station or take the complimentary "tuk tuk" service provided to all guests and visitors.

President Solitaire Hotel and Spa was previously known as "The Mansion Kempinski" and has been upgraded at a cost of Thai Baht 185 million. President Solitaire Hotel and Spa aims to "redefine excellence in Thai hospitality" with its indulgence in the services and facilities available to the guests.

Boasting 128 luxurious suites and penthouses ranging from 43sqm to 135sqm, the main highlight of the accommodation is its entertainment system featuring 42" Plasma TVs in all accommodation types. This is a first for any hospitality project in Asia, and many also believe, in the world. Also available are DVD players, and complimentary cable television. In-suite entertainment will never be the same!

The interior furnishings have also been carefully chosen to reflect a soft yet rich feel of grandeur. The Platinum Suites feature "jacuzzi bath tubs", while all other suites have separate shower and bath tub areas.

Fully fitted kitchenettes with refrigerators, electric hobs, microwave ovens, cooking and dining utensils are available and these provide great convenience to guests looking to make President Solitaire Hotel and Spa their long term residence.

Proper work areas with complimentary internet services are available in all suites and this further enhances the guests' experience.
Electronic locks, electronic in-room safes and a digital CCTV system provide for high levels of security for the residents.
To meet the needs of guests requiring a healthy lifestyle, recreational facilities comprise of a fitness centre and a swimming pool that even has "under-water music"!

The Ananda Spa is linked to the property and is scheduled to open by mid-March 2003. This also provides an enriching experience to guests especially with its very popular SPAcial treatments.

Food & beverage facilities include the Dining Room (serving breakfast, lunch and dinner) at the Mezzanine Floor, the Lounge and the Library at the lobby, as well as "in-suite" dining.

From the business traveler to the leisure traveler and to those seeking that luxurious and very special long term residence, President Solitaire Hotel and Spa provides great quality, great value and an exceptional experience.

"We are delighted to be managing President Solitaire Hotel and Spa as it presents an excellent opportunity for us to redefine "excellence" in Thai hospitality. Already world renowned, we are confident that the opening of President Solitaire Hotel and Spa further elevates the experience of travelers to Thailand with its stylish accommodation, services and facilities," said Bernard Ng, GM Operations, CBREAM.

About CB Richard Ellis Asset Management (Asia Pacific) Limited

Currently, the company is the market leader with the highest number of serviced apartments under management in Bangkok.

Recognised for its high yield operations in serviced apartments, CBREAM is part of the CB Richard Ellis group, the world's leading real estate services company, employing more than 10,000 staff across 250 principal offices in 47 countries.

Besides providing hospitality management services, CBREAM also provides consultancy and advisory services on debt restructuring, refinancing and strategic positioning of companies.