Eastern European Markets
March, 17. 2006

Reval Hotels will open second hotel in Lithuania

Norwegian property developer Linstow, sole owner of Reval Hotels, has agreed to purchase Hotel Takioji Neris, in Kaunas, Lithuania. The hotel is located in the city centre, and will be operated by the current management until October 2006, when the hotel will be closed for major renovation. The hotel will reopen as Reval Hotel Neris in May 2007.

Reval Hotels is the largest hotel company in the Baltic countries, with seven hotels in the three Baltic capitals. „Establishing a presence in Kaunas, the second largest city in Lithuania, is very important to us, and something we have wanted for a long time", says Reval Hotels CEO Karl Otto Skogland, and adds: "The hotel has an excellent location, and following major renovations, next winter, Reval Hotel Neris, will reopen in May 2007, with 190 comfortable rooms, new restaurant and bar, and a modern conference centre with the latest technology. Kaunas does not have a professional meeting and conference hotel today, and we are confident that our new centre will open up a new market, giving our international conference partners a new and attractive destination to include in their programs".

"The addition of Reval Hotel Neris in Kaunas, as well as the opening of our new 225 room hotel in Elizabetes street in Riga, both opening in the spring of 2007, will strengthen the Reval brand position in the Baltic countries and give us an excellent platform for further expansion into Eastern Europe", says Skogland.

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. Reval Hotels is owned by Norwegian real estate investment company Linstow AS, owned by Anders Wilhemsen Group, major shareholder of world’s second largest cruise shipping company Royal Caribbean Cruise Lines. The annual turnover of Reval Hotels was 47 million Euros in 2005.

For further information:
Karl Otto Skogland, CEO, Reval Hotels,
or mobile: +34 679437707
Juha Mahonen, Country Manager, Lithuania,
or mobile:+37065564300
Egil Bauer-Nilsen, Executive Vice President, Linstow AS,
or mobile: +4790114777

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