Le Richemond

The Rocco Forte Collection has today taken over the famous Le Richemond in Geneva. Le Richemond was built in 1875 and was owned and managed by the Armleder family for four generations until 1999. It has an outstanding location in the heart of the city with views over the lake. The hotel has 98 bedrooms and suites, two restaurants and is a founding member and shareholder of The Leading Hotels of the World. Le Richemond achieved an unmatched ranking in the influential Institutional Investor poll of 1994, coming number one in Switzerland, number three in Europe and number nine worldwide.

Sir Rocco Forte and Family (Luxury Hotels) Ltd, Sir Rocco's joint venture with Bank of Scotland Corporate, has purchased Société Anonyme de l'Hotel Richemond A. R. Armleder, which owns the freehold of Le Richemond and its adjoining buildings, for CHF 99m (£43m, Euro 66m) from Richemond Hotels Holding SA, Luxembourg. The hotel will be managed by The Rocco Forte Collection.

The adjacent buildings will be used to extend the hotel to 125 rooms and suites in 2005 as part of a major refurbishment.

Sir Rocco Forte said:

"Le Richemond is one of the great hotels of the world. It also has some wonderful employees, which is what a high quality hotel is all about. The hotel has been associated for many years with the Armleder family and it now passes to another family with a long term involvement in the industry. I am particularly pleased to return to Geneva as the old Forte company was previously represented here."

Victor Armleder said:

"Whilst I am sad to see the hotel sold and not taken over by one of my two sons, both of whom have carved successful careers in the financial world, I am very pleased to see the hotel going to Sir Rocco Forte and his group as I know Le Richemond, its guests and the people working in it will be in good hands."

François Rouge, Chairman of Banque de Patrimoines Privés Genève BPG SA, which supervises Richemond Hotels Holding said:

"For both Geneva and the hotel, I am pleased to have played a part in seeing Le Richemond pass to a distinguished hotelier who will make the necessary investment to ensure Le Richemond continues its memorable history and remains the finest hotel in Geneva."

Le Richemond is The Rocco Forte Collection' fifth new hotel project in the last twelve months. Last July, it bought Brown's in London, which will reopen in Spring 2005 after a complete refurbishment. In October 2003, it took over management of the Château de Bagnols in Beaujolais. In January 2004, it started work on the Villa Kennedy in Frankfurt and the Hotel de Rome in Berlin, both of which will open in 2006. During the early part of 2004, over 200 hectares of land have been purchased in Southern Sicily, where the company will open its first golf and spa resort property in 2007.

For further information, please contact:

Richard Power or Sue Heady of The Rocco Forte Collection
Tel: +44 20 7321 2626
E-mail: rpower@roccofortecollection.com or sheady@roccofortecollection.com.