Eastern European Markets
February 15, 2007

Reval Hotels expands into the economy class hotel segment.

The largest Baltic hotel chain, Reval Hotels, is expanding into the economy hotel segment by launching the Reval Inn brand. From 1 February, Baltpark Hotels in Vilnius and Klaipeda, and Reval ExpressHotel in Tallinn, will operate under the new brand.

Reval Inn hotels will be located along highways and in urban areas with good parking facilities. The hotels will offer a clean and comfortable room, a quality breakfast and fast and friendly service at affordable prices. For guests traveling by car in the Baltic countries a Reval Inn will be a good alternative to first class, full service Reval Hotels.

“We have had plans to enter into the economy segment for quite some time, and we hope to be able to expand these “value-for-money” hotels both in the Baltic countries as well as further into Eastern Europe. We firmly believe that our guests should have a choice depending on their needs, and we are pleased to be able to extend our offer to include a low cost alternative" said Karl Otto Skogland, CEO of Reval Hotels.

By 2008 Reval Hotels expects to have 12 properties in the Baltic countries branded as Reval Hotels or Reval Inn, with a total of 1200 employees and a turnover of 70 million Euros. By 2010 Reval Hotels plans to be established in Warsaw, Kiev, St. Petersburg and Moscow.

Reval Hotels is the leading hotel chain in the Baltic countries, operating six, full service, first class Reval Hotels located in the Baltic capitals, as well as three Reval Inns - located in Tallinn, Vilnius and Klaipeda. Reval Hotels will also open two new hotels in 2008, one in Riga and one in Kaunas. Reval Hotels is owned by Norwegian real estate investment company Linstow AS, owned by Anders Wilhemsen Group, major shareholder of the world’s second largest cruise shipping company Royal Caribbean Cruise Lines. The annual turnover of Reval Hotels was 54 million Euros in 2006.

Carl Kjellberg, Reval Hotels Vice President Sales and Marketing
Karl Otto Skogland, Reval Hotels Chief Executive Officer

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