Lanson Place Strengthens Presence in China
Shanghai Management Contract Renewed for 10 Years Beijing Lanson Place Central Park to Open Ahead of the Olympics
April 30, 2008, Hong Kong – USI Holdings Limited (HKEx stock code: 369, “USI” or “the Company”) announced today its wholly-owned subsidiary, Lanson Place Hospitability Management Limited (“Lanson Place”), has renewed the contract to manage Lanson Place Jin Lin Tian Di Residences in Shanghai (“Lanson Place Jin Lin Tian Di”) for a tenure of 10 years. USI owns approximately 23% stake in Jin Lin Tian Di while Morgan Stanley Real Estate Fund is the majority shareholder.
Lanson Place Jin Lin Tian Di, a 106-unit lake view building located in the heart of Shanghai Xintiandi area, commenced operations in December 2005. In less than two years under the management of Lanson Place, this serviced residences has earned its reputation as the residences of choice for senior expatriate managers and business travelers in Shanghai and has achieved a consistent and outstanding occupancy rate of over 90% at premier rental levels.
Mr. Edward Cheng, Deputy Chairman and Chief Executive of USI said, “The management contract renewal further reinforces Lanson Place’s position in Asia’s hospitality sector following our recent acquisition of an equity interest in a serviced residences development in Kuala Lumpur, Malaysia. Our expertise in hospitality management, which brings high quality customer services and attractive returns to the owners, is our competitive edge to further expand our footprint in strategic locations in China and other Asian gateway cities, capturing the high potentials in the robust serviced residences sector.”
In China’s capital city, USI partnered with Hongkong Land and Vantone to acquire one of the towers in Central Park, a luxurious residential development in Beijing’s CBD. Named as Lanson Place Central Park Residences with 105 units and managed by Lanson Place, this serviced residences will be soft-launched in May and will officially open in the second quarter of 2008, just ahead of the Beijing Olympics. Pre-launch marketing campaign is in good progress.
Lanson Place is a premium hospitality investment and management brand in Asia and it manages award-winning boutique hotel and serviced residences in Hong Kong, Shanghai, Beijing, Kuala Lumpur and Singapore.