ROYAL GARDEN RESORTS TAKES FULL OWNERSHIP OF MANDARA SPA

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Royal Garden Resorts (RGR) has taken full ownership in two companies developing and owning Mandara Spa operations in Asia at a cost of $2.4 million. Mandara Spa (Thailand) Co Ltd and Mandara Spa Ventures Ltd were formed in 1998 and 2003 respectively, with 49% of each company owned by subsidiaries of Steiner Leisure Ltd. Following this transaction, RGR and Steiner will continue their relationship with RGR planning to operate current, and develop additional Mandara Spas under a license agreement with Steiner's Mandara subsidiary in Thailand, China, India, Vietnam, Laos, Cambodia and Myanmar.

This strategic financial move will position RGR to become the leading owner and operator of spa concepts in the Asia Pacific region. RGR is one of Thailand's leading hotel operators with a portfolio of eleven hotels and nearly 2,200 rooms under the Marriott, Four Seasons, Anantara and Royal Garden brands in Thailand and Vietnam. It is also one of the largest spa operators in the Asia Pacific region with 14 spas in Thailand and China under Mandara and Anantara.