Cologne-based Event Hotel Group has acquired the 280-room Radisson Blu and an adjacent office building in Tallinn, Estonia. A company affiliated to Event paid an undisclosed amount for the hotel and office building.
Cologne-based Event Hotel Group has acquired the 280-room Radisson Blu and an adjacent office building in Tallinn, Estonia. A company affiliated to Event paid an undisclosed amount for the hotel and office building.
The city centre high-rise Radisson Blu will continue to operate under the Radisson Blu flag and will be managed by Event.
Event said in a statement that the revenue per available room (Revpar) in the Estonian capital has been in excess of 30% year-to-date and there is no new supply in the pipeline.
'Becoming a member of the EU, some 10 additional flights to Tallinn, being the Cultural Capital of Europe and a meaningful increase of Russian visitors underpin our confidence in buying this highly visible hotel with a major brand recognition in the Baltics, Scandinavia and Russia', said Event CEO Anders Braks.
Event is the manager of 90 conference and business hotels in Europe. Many of the hotels have franchise contracts with international hotel chains such as Park Inn, Nikko hotels, Radisson or Westin.
