Marketing Presence in China

NEW YORK CITY OFFICIALS ANNOUNCE MARKETING & TOURISM PRESENCE IN CHINA WITH REPRESENTATION IN SHANGHAI
—Announcement Marks Latest Step to Build Global Network and Boost Travel—

Shanghai, China (June 27, 2007)—George Fertitta, chief executive officer of NYC & Company, the official marketing and tourism organization for the City of New York, held a press conference today in China's largest city, Shanghai, to announce the establishment of New York City's tourism representation in the country. The high volume of Chinese business travel to New York City, coupled with residents' increased interest in tourism opportunities, make the region among the most important destinations in New York City Mayor Michael R. Bloomberg's campaign to attract 50 million visitors annually by 2015.

The announcement marks the latest step in NYC & Company's plan to build a global network and boost international travel to New York City."It's a privilege to represent New York City today and to mark this important moment for our travel and tourism industry," said Fertitta to the invitation-only audience that included travel industry leaders at the JW Marriott in Shanghai. "As financial, commercial and media centers, New York City and Shanghai have many common interests. And as professionals in those and other industries continue to travel to New York for business, they will find a dynamic, thriving city—all the more reason to extend their trip and discover all the exciting things to see and do."The offices are located at 128 Nanjing West Road, Shanghai in Novel Plaza, Suite 1605.NYC & Company now has representative offices serving 19 countries. A new location in Tokyo, Japan, opened on June 26, and a launch for Seoul, South Korea, will take place July 2.Supported by a growing economy and some relaxation of travel restrictions, outbound tourism from China has grown tremendously over the past decade. Although the United States still does not have approved destinations status (ADS), travelers from China may come with work visas that include allowances to bring family members. These visits then generally last 10 to 15 days and include stays in multiple cities.This new wave of travelers already has affected the tourism industry across the United States and in New York City in particular.

Travel from China to New York City has been on the rise for some time, jumping sharply from 59,000 visitors in 2002 to 133,000 in 2005. Reports call for the growth to continue, with an estimated 165,000 visitors forecast for 2007.

"There is no better time for Chinese travelers to visit New York City," said Jonathan M. Tisch, chairman and chief executive officer of Loews Hotels and chairman of the NYC & Company board. "It continues to be a dynamic and multicultural destination that offers visitors exciting things to do from designer shopping and dining out to sightseeing at landmark attractions like the Statue of Liberty and Times Square."New York City, in fact, offers some of the top designer shopping experiences worldwide, from luxury boutiques on the streets of SoHo to flagship stores such as Bloomingdale's and Saks Fifth Avenue. Popular sightseeing attractions also include the Empire State Building, Rockefeller Center and Metropolitan Museum of Art.In addition to the three new offices in Asian markets, NYC & Company this year has added representative offices in Spain, Russia, Amsterdam—serving the Benelux countries of Belgium, Luxembourg and the Netherlands—and Stockholm, serving Finland and the Scandinavian countries of Denmark, Norway and Sweden. Other locations are in Argentina, France, Germany, Ireland, Italy, Mexico and the United Kingdom.

# # #

About NYC & Company:Travel and tourism for New York City is a $24 billion industry that supports more than 330,000 jobs. NYC & Company has undergone a dramatic transformation since 2006, when the city's Mayor, Michael R. Bloomberg, pledged an additional $15 million in annual funds and provided unprecedented media and promotional resources. The new NYC & Company is the world’s leading municipal tourism, marketing and events organization, dedicated to building New York City's economy and positive image in order to achieve 50 million visitors annually by 2015. For more information, go to nycvisit.com

Contacts: Chris Heywood, NYC & Company, 212/484-5458, cheywood@nycvisit.comTiffany Townsend, NYC & Company, 212/484-5404, ttownsend@nycvisit.com