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Next Phase Of Evolution Launched With Leadership Transition

Executive leadership appointments announced for The Leading Hotels of the World, Ltd.

eTN  Aug 13, 2008

NEW YORK, NY (August 13, 2008) - Mr. Jean-Jacques Gauer, chairman of the executive committee of The Leading Hotels of the World, has announced that Paul M. McManus, president and chief executive officer of the organization, will assume the post of vice chairman of Leading Ventures, effective September 1, 2008. In this capacity, Mr. McManus will oversee the development of new business opportunities for the company, while continuing to serve as an active member of the board of The Leading Hotels of the World.

"During the past decade under Paul's masterful leadership, The Leading Hotels of the World, Ltd. has enjoyed record-breaking years in terms of growth, revenue and brand awareness," said Mr. Gauer. "As we celebrate our 80th anniversary, we can thank him for transforming our company, and helping it attain the status of the premier full-service luxury brand that we enjoy today."

At the same time, Mr. Gauer announced the appointment of Ted Teng as Mr. McManus's successor and new president and chief executive officer of The Leading Hotels of the World, Ltd., also effective September 1, 2008.

Mr. Teng brings with him thirty years of experience in the global hospitality industry. He currently manages his own hotel investment and operations firm, Prime Opus Partners, LP, which he founded in 2006. Prior to that, Mr. Teng was the president and chief operating officer of Wyndham International, Inc. where he oversaw the core-branded hotel products, as well as the company's third-party management operations, comprised of over 200 properties generating USD 2.5 billion in annual revenue.

Before joining Wyndham, Mr. Teng served as president, Asia-Pacific, for Starwood Hotels & Resorts Worldwide, Inc., overseeing the integration of that company's branded hotel operations in the region. He was responsible for the operating and financial performance of over 70 hotels and resorts in 17 countries. Mr. Teng was formerly the president of Asia-Pacific for Westin Hotels, where he was credited with having achieved significant growth in the number of hotels and unit operating margins. Previously, he was with ITT Sheraton, where he served for 14 years in a variety of senior and strategic capacities in operations, finance and development, in North America, Hawaii and Asia.

Mr. Teng is a graduate of the Cornell University School of Hotel Administration, and he holds an MBA from the University of Hawaii. Born in Shanghai, China, he grew up in Hong Kong, and emigrated to the United States at age 13.

In making the announcement, Mr. Gauer said, "The board of directors has found Mr. Teng's broad set of leadership skills, business acumen, and operating principles to be an excellent fit to maximize the opportunities for this global hospitality organization. We are confident in his abilities to expertly lead the next phase of the company's significant growth through further strategic development and effective operational execution."

According to the prior established succession plan, the search process for president and chief executive officer began in the fourth quarter of 2007 with a committee comprised of Mr. Gauer, Mr. McManus and select members of the board of directors of The Leading Hotels of the World, Ltd. Dennis P. O'Toole & Associates, Inc., a respected boutique search firm specialized in hospitality, was also engaged as part of the comprehensive process.

Executive leadership appointments announced for The Leading Hotels of the World, Ltd.
Ted Teng -

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