TEDA Travel Group Signs Cuisine Cooperation Agreement With Privileged Drunken Westlake Restaurant Group in China
HONG KONG, June 15 /PRNewswire-FirstCall/ — TEDA Travel Group, Inc. (OTC Bulletin Board: TTVL), announced today the its wholly owned subsidiary, TEDA Hotels Management Co. Ltd. has signed a cooperation agreement with the privilege Drunken Westlake Restaurant Group, Hangzhou, China.
Currently, the Company has installed T.G.I. Friday’s, Harbour Restaurant Group and Golden Bowl Cantonese Cuisine in a number of hotels it manages. An addition of a well-known brand can further strengthen customer choice. Full service hotels in China normally provide 3-5 restaurants within their property. Although restaurant revenues do not constitute turnover or income under generally accepted accounting principles for the Company, the Company is able to share the gross operating profit (GOP) of the hotels it manages as part of the management fee income.
Marco Polo called Hangzhou the most enchanting city in the entire world, while Westlake is one of the most famous sites in the city. Hangzhou cuisine is currently one of the most popular and fashionable styles of cooking throughout China. A wealth of ‘Hangzhou’ inspired restaurants have shot up throughout the country and the cuisine from this city has been elevated to a superior status. Some of the most famous dishes include Beggar’s chicken (an entire chicken cooked in a ball of mud), West Lake fish (vinegar coated fish from the lake) and braised pork and stewed shelled shrimp cooked in Longjing tea.
Mr. Tim Gao, CEO of Hotel Operations, commented, ‘We are glad that Drunken Westlake Group has selected TEDA as its partner. It is important for our guests to have wider choices of superior cuisine in our 4-5 star full service hotels in China.’
About TEDA Travel Group, Inc.
TEDA Travel is a property management company providing services to hotels and resorts throughout China. The company is responsible for the supervision and day-to-day operations of the properties it manages. In addition to its property management division, TEDA Travel also has its own portfolio of real estate investments. Leveraged on its existing core businesses and the brand name ‘TEDA,’ one of most recognized names in China, TEDA Travel intends to become a market leader in the fast growing Chinese travel and real estate services industry.
About Tianjin Economic and Technological Development Area (TEDA):
Tianjin Economic and Technological Development Area (TEDA) is one of earliest approved and best state-level development zones in China. TEDA has now has a developed area of 33 square kilometers (approximately 20 square miles). TEDA is located to the southeast of Tianjin City, about 45 kilometers (27 miles) away from downtown and 140 kilometers (84 miles) from Beijing. TEDA enjoys easy access to North China, Northeast China and Northwest China.
Safe Harbor Statement:
As a cautionary note to investors, certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; the Company’s ability to execute its business model and strategic plans; and the risks described from time to time in the Company’s SEC filings.
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SOURCE TEDA Travel Group, Inc.
Source: PR Newswire (June 15, 2005 – 10:10 AM EST)