Rezidor Sells Share in Estonian Real Estate
Keeps Management Contract for the Radisson SAS Hotel Tallinn
AUGUST 1, 2007. The Rezidor Hotel Group (STO:REZT) sells its minority share of 14.1% in the RDS Hotelli AS, owner of the 280-room Radisson SAS Hotel Tallinn, Estonia - in a deal where the UK investor Boultbee acquires 100% of the real estate (effective August 1, 2007).
Rezidor announces a capital gain of 3.2 MEUR and a cash impact of 6.7 MEUR. Rezidor's management agreement with the hotel operator Astlanda Hotelli AS is not affected by the sale and retained on unchanged terms and conditions.
In line with the asset light strategy, Rezidor has divested all of its real estate over the past several years and only holds minority stakes in a small number of properties. 'This transaction means a good opportunity for us to exit our minority investment in the hotel while keeping the management agreement', comments Kurt Ritter, President & CEO of The Rezidor Hotel Group, 'and in addition it strengthens our relationship with a well-established and long-term investor active in the real estate business.'
The Rezidor Hotel Group is one of the fastest growing hotel companies in the world. The group features a portfolio of 300 hotels in operation and under development with more than 61.000 rooms in 47 countries.
Rezidor operates the brands Radisson SAS Hotels & Resorts, Regent International Hotels, Park Inn and Country Inns & Suites in Europe, Middle East and Africa, along with the goldpoints plusSM loyalty programme for frequent hotel guests. Rezidor has signed a worldwide license agreement with the Italian fashion house Missoni, in order to develop and operate a lifestyle hotel brand of the same name: Hotel Missoni.
In November 2006, Rezidor was listed on the Stockholm Stock Exchange. With 41,7%, Carlson Companies as the main shareholder. The Corporate Office of the Rezidor Hotel Group is based in Brussels, Belgium.
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