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Eastern European Markets
NEWS RELEASE
January, 12. 2006

Reval Hotels to build new Hotel in Elizabetes Street, Riga

Reval Hotels is expanding operations in Riga and building a new hotel in the heart of the city, opposite the Vermanes Park at Elizabetes Street 71/73. On Wednesday, January 11, Linstow AS and the construction company Skonto B&Mac251;ve signed a co-operation agreement on the construction of the new hotel. Works will begin in January, 2006 and the hotel is due to be opened in spring 2007.

We see outstanding potential for development in Riga and the decision to build a third hotel here is a result of demand and of good economic results so far, says Heikki Vanhanen, Reval Hotels Country manager in Latvia. He explains that the owners of Reval Hotels see potential in the Baltic countries and want to increase their investments in the region. Expanding our hotel chain will bring additional value for our customers and increase the accommodation offers in the city; it will also strengthen the position of Reval Hotels as the leader of hotel market in Latvia and the Baltic countries adds Heikki Vanhanen.

The new hotel will have 230 rooms, restaurant, lobby bar and several conference rooms. Total floor space at the new hotel will be 13,000 m2, including fitness centre and car parking. Total planned investments amount to EUR 30 million (LVL 21 million).

The opening of a new hotel will allow Reval Hotels to strengthen its position as the leading network of hotels in Latvia and the Baltic countries even more, with over 2,000 guest rooms in total after the project is completed. Currently Reval Hotels operate two hotels in Riga Reval Hotel Latvija and Reval Hotel Ridzene. Along with the construction of a new hotel the company is expanding Reval Hotel Latvija this project will be completed in April, 2006.

Reval Hotels is the leading hotel chain with seven hotels in the Baltic countries: four hotels in Tallinn, two in Riga and one in Vilnius. Currently there are 1,689 rooms, 53 conference rooms and 10 restaurants in all seven hotels. Reval Hotels is owned by Linstow AS, the leading Norwegian real estate company. Linstow AS is involved in developing various property projects in Norway, Baltic countries, Portugal and Sweden. Its owner - Anders Wilhemsen Group is also a co-owner of one of the worlds biggest cruise shipping company Royal Caribbean Cruise Lines.

For further information:
Evija Ercmane, P.R.A.E. Public Relations
Mobile telephone: +371-9-118014
Telephone: +371-781-2241
evija.ercmane@prae.lv

www.revalhotels.com


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