Bangkok--Jun 9-- Goldman Sachs Bangkok Hotel Holdings (BHH) and Goldman Sachs’ GS Emerging Market Real Estate Fund, L.P., have raised their tender offer price for Rajadamri Hotel Public Company Limited (RHC) to Baht 48 per share for 20% of the company. Under SEC rules, both the BHH/Goldman Sachs and Royal Garden Resorts Pcl (RGR) offers are final and cannot be altered. Shareholders have until June 24, 1999 to tender and those tendering to BHH/Goldman Sachs will receive cash payment in three business days. After the tender offer period ends, both parties are restricted in their ability to purchase additional shares by SEC regulations. “The BHH/Goldman Sachs tender offer is clearly the best overall offer in terms of price per share, total benefit to shareholders and payment terms,” says Dr. Kongkiat Opaswongkarn, President & CEO of Asset Plus Securities Co., Ltd, which is serving as tender agent for the offer. “The final BHH/Goldman Sachs tender offer price is much higher than the final RGR tender offer price of Baht 43 per share for only 10% of the company. By tendering to BHH/Goldman Sachs, shareholders will receive the highest price for all their shares and may sell as many shares as they like, unlike the RGR offer which is limited to 10% only. They will receive cash payment for any shares tendered immediately within three working days, unlike the RGR offer which provides payment only after the tender offer period is finished.” “The BHH /Goldman Sachs final tender offer ensures maximum value and benefit for all of the company’s shareholders, large and small,” says Mr. Songkran Issara, Managing Director of Charn Issara Group. “It is in the interest of shareholders to tender to BHH/Goldman Sachs because they will receive a much better price for all their shares, cash payment in three days and certainty that all of their shares will be purchased. Shareholders tendering to RGR take the risk of being unable to sell most of their shares, and that at a lower price.” The BHH/Goldman Sachs offer is a mandatory offer for 100% of the company’s shares. If up to 20% of the total outstanding shares are tendered, the price for all shares tendered will be Baht 48. If more than 20% of shares are tendered, each shareholder will receive a weighted average price between Baht 39 and Baht 48 per share. Prior to announcement of the final tender offer price, the total stake of BHH/Goldman Sachs in RHC stood at 34.6%, with over one million shares being tendered to date. Bangkok Hotel Holdings was established as a joint venture between the Charn Issara Group and Goldman Sachs to identify and pursue attractive investment opportunities in Thailand. The Charn Issara Group is one of Thailand’s leading property developers. It’s pioneering projects include Charn Issara Tower I, Thailand’s first office condominium, Lad Krabang Industrial Estate, Royal City Avenue, Charn Issara Tower II, the Sunroute Hotel and Cha-am Beach Club, among others. Over the years, the Group has formed joint venture relationships with leading international companies, including Marubeni, Shell Oil and now Goldman Sachs. The family-run, professionally managed group was founded by Mr. Charn Issara. Goldman Sachs is a leading investor in the hotel industry worldwide, with major investments in and alongside Starwood Hotels and Resorts, the owner and operator of the Westin and Sheraton group of hotels, Westmont Hospitality, a leading owner and operator of hotels in Canada and Europe and Strategic Hotel Capital, a major investor in the US hotel industry. In Thailand, Goldman Sachs holds a 30% interest in the Dusit Group, Thailand’s leading hospitality company which operates more than 25 properties around the region. The Goldman Sachs Group, Inc., is a leading international investment banking and brokerage firm participating in major financial markets on behalf of corporations, institutions, governments and individuals worldwide. Founded in 1869, Goldman Sachs today has over 13,000 staff in 41 offices in 23 countries around the world. Goldman Sachs first established operations in Asia in 1980 and now has over 1,000 staff in the region. Goldman Sachs is an active investor in the Asia-Pacific region with over US$ 2 billion committed in a variety of industries and real estate. End.