TEDA Travel Group Wins Two Major Hotel Management Deals in China
HONG KONG, May 31 /PRNewswire-FirstCall/ — TEDA Travel Group, Inc. (OTC Bulletin Board: TTVL), announced today that it has acquired the management rights to two premier hotels in China in the first half of May.
The first one is a 5-star hotel in the city center of Taiyuan, Shanxi. This is one of the most deluxe hotels in the city with over 240 rooms. The management contract lasts for five and a half years.
The second one is a 4-star hotel in the city center of Yulin, Chengdu. This is one of the largest hotels in the city with an area of over 40,000 sq.m.
Both of these hotels are signed by our majority-owned subsidiary, Landmark International Hotel Group Limited.
Mr. Philip Cheung, CEO of Landmark International Hotel Group Limited, said, ‘Hotel owners put a lot of faith in our brand of TEDA and the backup of a listed corporation. Our team is certain to make positive contribution to the bottom line of the Hotel Management Division of TEDA Travel Group.’
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.
John Roskelley, President, First Global Media, 480.902.3110
SOURCE TEDA Travel Group, Inc.
Source: PR Newswire (May 31, 2005 – 3:04 PM EST)