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OPERATIONS AND MARKET REVIEW

Sedona Hotels International

Sedona Suites are renowned for their impeccable service and are popular with the expatriate community

Sedona Hotels International Sedona Hotels International, the hospitality arm of Keppel Land, continues to deliver its brand of quality comfort and service to its guests. Despite rising competition, Sedona Suites in Hanoi and Ho Chi Minh City performed well in maintaining its market leadership, enjoying healthy occupancies of 90.6% and 93.3% respectively in 2004. Sedona Suites are renowned to be among the best in Vietnam for its impeccable and gracious service, and are popular among the foreign diplomats and working expatriates. Both properties set new benchmarks in Vietnam's hospitality industry, winning consistently the coveted Guide Awards, conferred by the Vietnam Economic Times magazine.

Despite the ongoing trade sanctions, which continue to threaten Myanmar's economic and trade development, the Group's hotels in Myanmar achieved higher occupancies in 2004 than the previous year. Sedona Hotel Yangon increased its room occupancy by almost 20% over 2003, whilst Sedona Hotel Mandalay increased its room occupancy by 14%, contributing to a significant 30 - 40% rise in gross operating profit at both hotels. The improved performance was attributed to attractive tour packages sold by consortiums of travel agents appointed by airline partners, as well as increased sales from the government and corporate market segments.

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