Press Release
October 6, 2000
LOS ANGELES, CA -- Colony Capital, a private, international investment firm, today announced that it has sold its
interest in Credicom Asia, a company specializing in luxury hotel and tourism related investments. Credicom Asia
is the majority shareholder in the world-renowned Amanresorts, a five-star luxury resort hotel chain distinguished
by extraordinary resort properties, exotic natural settings and incomparable service.
Colony and its co-investor, Donald Sturm, have sold their interests in Credicom Asia to a foreign investment group
for an undisclosed sum.
``Credicom Asia has taken major strides to expand the Amanresorts brand name and investment portfolio, now the
most exclusive five-star luxury resort chain in the world,'' stated Thomas J. Barrack, Jr., chairman and CEO of
Colony Capital. ``Amanresorts has fully recovered from the effects of the Asian crisis and, today, its hotel operations
and financial reserves exceed all levels previously attained.''
Credicom Asia also owns the L'Ermitage Beverly Hills, a five-star luxury hotel in Beverly Hills, California, which
has recently been rated one of the Top 10 Hotels in North America by Conde Nast. Credicom Asia also has interests
in land for future resort development, most notably 300 acres in Ramatuelle overlooking St. Tropez in the south
of France.
Barrack continued, ``The increase in the value of these luxury assets has allowed us to exceed our expectations
in this transaction. The Aman brand is one of the most admired in the world and it will continue to flourish and
excel under its new ownership, who will maintain the Aman standard of excellence.''
Colony is one of America's most active and innovative real estate investors. The firm is headquartered in Los Angeles,
with eight additional offices throughout the world.
Donald L. Sturm, an investor and philanthropist, owns numerous community banks in Kansas, Missouri, Colorado and
Wyoming. He is a major investor in WorldCom, Inc., Level 3 Communications and Continental Airlines. Mr. Sturm is
a former chairman of Continental Can Company and a vice chairman of Peter Kiewit Sons'. Mr. Sturm is a trustee
of the University of Denver and the Denver Art Museum Foundation. He serves on the Board of Directors of Continental
Airlines.
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Contact:
Citigate Dewe Rogerson, New York
Kellie Walsh, 212/419-8366