The Signing Ceremony of Letter of Intent to develop Le Meridien Danang Resort & Spa and Sheraton Dalat Resort Projects between Saigon Invest Group and Starwood Group

Kinh Bac City Development Share-holding Corporation (a listed member of HaSTC coded KBC) is an affiliate of Saigon Invest Group (SGI). KBC is the biggest shareholder of Saigon – Danang Investment Corporation, investor of the top-notch complex comprising deluxe villas, residences and 5+ star hotels named Le Meridien in Danang. KBC is as well the biggest shareholder of Saigon – Dalat Tourism JSC, investor of the complex consisting of deluxe villas, residences and Sheraton Hotel at Robin Hill, 2 km from the center of Dalat City.

The ceremony is meant to allow Saigon Invest Group (SGI) and Starwood Group to sign a letter of intent to develop the two projects, with the expectation that the final management agreement will be signed by end of the year.  The two projects are Le Meridien Danang Resort & Spa at Danang City and of Sheraton Dalat Resort and the ceremony will take place at 10:00 AM, 09 June 2009 at Sheraton Hotel (HCMC).

About Starwood

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with more than 940 properties in approximately 97 countries and 145,000 employees at its owned and managed properties. Starwood Hotels is a fully integrated owner, operator and franchisor of hotels, resorts and residences with the following internationally renowned brands: St. Regis®, The Luxury Collection®, W®, Westin®, Le Méridien®, Sheraton®, Four Points® by Sheraton, and the recently launched Aloft®, and Element SM.  Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwoodhotels.com.

About Saigon Invest Group

Saigon Invest Group (SGI) is among the leading public enterprises in hi-tech parks development in Vietnam, operating in various fields: Real estate - Infrastructure; IT Telecommunication – Television; Finance – Banking; Tourism – Education; Production – Construction; Energy – Minerals; etc. Presently, SGI owns and manages 20 industrial parks, hi-tech parks and scores of large-scaled projects across Vietnam with the total investment of over $2 billion. Annually, SGI attracts a huge volume of foreign direct investment (FDI) into Vietnam, especially in hi-tech fields, so as to ensure sustainable development and protect the environment.

KBC is a pivotal affiliate of SGI in real estate, industrial parks, resorts and deluxe residences development with an ownership capital of 3,000 billion VND, incessantly taking the lead in the competitive movement launched by the Government with 5 Governmental Flags of Honor. The corporation is rated among Top 10 Best Enterprises in Vietnam Stock Market by Standard and Poor (USA).

About Le Meridien Danang Resort & Spa

Le Meridien Danang Resort & Spa has a total investment of approximately $100 million, located on an 8.4-ha area, alongside Son Tra – Dien Ngoc Street, Ngu Hanh Son District, Danang City.

Constructed in compliance with 5+ star standards, Le Meridien Danang Resort & Spa consists of 330 rooms, situating in an airy space with inclusive facilities: high-intense gymnasium, swimming pool, groceries, beverage restaurants, indoor recreational center, spas, etc.

Le Meridien Danang Resort & Spa is the ideal destination for tourists since it serves as the connection between Ngu Hanh Son and the three world’s cultural heritages: Hoi An Ancient Town, My Son Sanctuary and Hue Ancient Capital.

For the very first time in Vietnam, customers shall enjoy the exceptional features of 5+ star hotels, which significantly help attract foreign tourists to Vietnam.

About Sheraton Dalat Resort

Sheraton Dalat Resort has a total investment of approximately $40 million, located on an 18-ha area, between Ward 3 and Ward 4, nearby the center of Dalat – one of the most well-known city of tourism in Vietnam as well as in South East Asia.

Sheraton Dalat Resort & Spa in constructed according to 5 star standards, comprising a wide range of deluxe villas (from 150 to 200 rooms) in an airy atmosphere with inclusive facilities: high-intense gymnasium, swimming pool, groceries, beverage restaurants, etc.

The delivery of Sheraton Dalat Resort will make a significant contribution to the development of Dalat City, concurrently providing tourists the number-one choice of 5-star hotels.

Presently, at the industrial parks of KCN, many high-rank managers are as well the very potential customers of these top-notch hotels. KBC commits to make the best policies for investors who aspire to invest in these industrial parks, including preferential policies for their management officers to enjoy the Grade-A features of these hotels. This is also an added value service dedicated to the investors of KBS industrial parks.

The inception of Sheraton Dalat Resort and Le Meridien Danang Resort & Spa marks a crucial milestone in the progress of Saigon Invest Group in the field of tourism. Beside these two projects, Saigon Invest Group has successfully invested and developed several prestigious deluxe resorts and villas complexes: Robin Hill Resort (Dalat), Lagi Resort & Spa – Ham Tan (Binh Thuan) and Danang Luxury Resort (Danang). Moreover, these top-notch masterpieces will meet the increasingly discriminating demand of Vietnamese and foreign tourists; helping heighten living standards and the local socio-economic development.

Particularly, this growth signifies the diversification of Saigon Invest Group in various business fields and its long-term vision of the potential non-smoke industry in Vietnam.