ROYAL GARDEN RESORTS PCL

PRESS RELEASE – 24 JANUARY 2005                                  FOR IMMEDIATE RELEASE

RGR INCREASES STAKE IN FOUR SEASONS BANGKOK TO 91%

As a result of the tender offer to acquire shares in the SET listed Rajadamri Hotel Pcl (“RHC”), Royal Garden Resorts Pcl (“RGR”) has increased its equity interest in RHC from 57.7% to 90.8% through the purchase of 14,927,490 shares at a price of Baht 47 per share. The total consideration in the transaction was of Baht 702 million and it will be funded by a medium-term loan from K-Bank.

RHC owns 100% of the 356 room Four Seasons Bangkok hotel, one of the premier hotels in Thailand which located in the heart of Bangkok’s central business district, and 26% of the 64 room Four Seasons Chieng Mai. RGR will through this transaction increase its beneficial interest in the Four Seasons Chieng Mai from 60.3% to 68.9%.

RGR is one of Thailand’s leading hospitality operators with a portfolio of ten hotels and 2,190 rooms under the Marriott, Four Seasons, Anantara and Royal Garden brands in Thailand and Vietnam. A joint venture with Marriott International has also developed the 144 room Marriott Vacation Club Time Share in Phuket. Its’ subsidiary, The Minor Food Group, is Thailand’s largest food service operator with over 490 outlets system wide under The Pizza Company, Swensen’s, Sizzler, Dairy Queen and Burger King. For further information, please visit us at www.minornet.com