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Published on April 18, 2008

The Nation

According to a recent press release, over the last several months, Castle has worked out a strategic plan to expand in Hawaii, Micronesia, New Zealand, Thailand and Vietnam, as well as in other regions throughout Asia-Pacific.

"While our top-line revenues continue to grow handsomely, our bottom line reflects our commitment and investment into Thailand, and other destinations. Our goal is to operate no less than 15 resort properties in Thailand, Vietnam and Southeast Asia by the end of 2009," said Rick Wall, chairman and chief executive.

The company believes there are significant opportunities to expand Castle's operations both in the markets it currently serves, as well as other Pacific Basin and Asian vacation destinations, including Vietnam, said chief operating officer Alan Mattson.

"Consequently, over the last several quarters we have announced new key management appointments

and promotions as part of our strategic plan to position Castle for significant growth within our current markets and to capitalise on the emerging growth opportunities, particularly within the Asian markets," he added.

Last year Castle entered into six contracts with properties in Hawaii, Guam and Thailand. These new contracts nearly double the number of units under contract as compared to the end of 2006.

Last year Castle procured two contracts in Thailand - the Katamanda Villas resort on the southwest coast of Phuket, and the Baan Taling Ngam Resort and Spa on Koh Samui. The addition of these properties underscores the company's expansion of its high-end luxury vacation offerings.

It also formed its Thailand division to support its new business initiatives here.

Headquartered in Honolulu, Hawaii, The Castle Group provides management and related hospitality services to hotel and resort condominiums under the trade name Castle Resorts & Hotels.

Since 1993, Castle's geographic presence has expanded from the Hawaiian Islands to additional markets throughout Asia-Pacific, including Guam, Saipan, Thailand and New Zealand.