Event Hotel Group Acquires 280-room Radisson Blu in Tallinn, Estonia
COLOGNE, GERMANY - October 5, 2011 - An affiliate of Event Hotel Group has purchased the 280-room Radisson Blu and adjacent office building in Tallinn, Estonia. The city center high-rise Radisson Blu will continue to operate under the Radisson Blu flag under management of Event Hotel Group.
“Tallinn's robust RevPar growth is in excess of 30% year-to-date and there is no new supply in the pipeline after going through some challenging times in the recent past. Becoming a member of the EU, some 10 additional flights to Tallinn, being the Cultural Capital of Europe and a meaningful increase of Russian visitors underpin our confidence in buying this highly visible hotel with a major brand recognition in the Baltics, Scandinavia and Russia “, sais Anders Braks, CEO of Event, a major international hotel owner and investor.
“Our business plan for this unique hotel asset includes revenue enhancement initiatives, improvement of internal technological and operating systems, vigilant oversight of all cost-containment and major capital allocation initiatives such as a comprehensive renovation of all guest rooms, enlarging of prime corner deluxe rooms, the penthouse restaurant and creation of the 'living lobby' concepbout t”.
AEvent Hotel Group Event, an international hotel owner and manager, currently owns and operates 47 hotels in Germany and Sweden after selling its interest in 50 hotels in France last year. Funded internally, Event has the agility and flexibility to close quickly on transactions on an all-cash basis. Event currently owns and operates 14 hotels under one of Rezidor's prime brands : Radisson Blu and Park Inn by Radisson.
Sorainen provided legal advise to the buyer.
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