Rezidor has bought Reval and sold Regent

Rezidor has bought Reval and sold Regent

Reval Hotels is hotel chain, which hotels are mainly located in the Baltic region, now goes under the control of the Rezidor corporation. An agreement to purchase 10 hotels of the network representatives of Rezidor signed with the current owner of the network, the Norwegian company Linstow. Thus, Lintsow, one of the largest developers in Scandinavia in the commercial real estate, freed from non-core assets. At the same time, Rezidor has greatly enhanced representation in the hotel market of Eastern Europe and once again confirmed its reputation as one of the fastest growing hotel companies in the world.

Hotels, which pass under the control of Rezidor, located in Tallinn, Riga, Vilnius, Klaipeda and St Petersburg. Now the brand Reval on their facades will be replaced by the brands Radisson or Park Inn. In total, under the name of Radisson Blu will serve 6 hotels of Reval network, under the name of Park Inn – 4. It should be noted that the acquisitions of Reval Hotels enable Rezidor to increase its presence in the hotel market of St. Petersburg. Reval Hotel Sonya will be renamed into the Radisson Blu and will be the second hotel brand in the city upon the Neva.

It is possible that buying of Reval Hotels network could not take place if Rezidor did not sale its share in the hotel chain Regent. Rezidor was the holder of a franchise network of Regent in the Middle East and Europe. The cost of the transaction was not disclosed, but estimated by some experts, revenue of Rezidor in this case could make 9.5 million euros. Thus Rezidor plans to focus on promoting two key brands, which are Radisson and Park Inn.

The final signing of the deal on buying Reval Hotels Rezidor plans to complete till June 1, 2010. As a result, the total number of rooms of Rezidor will grow by more than 2000 rooms.

Date: 02/05/2010