The Rezidor Hotel Group has announced it has signed a partnership agreement with Norwegian real estate developer Linstow for the management of 10 Reval hotels in the Baltics and in Russia. The joint venture agreement will come into effect from June 2010 and includes three hotels in Riga, two hotels in Tallinn, two hotels in Vilnius, and three hotels in the cities of Kaunas, Klaipeda and St. Petersburg.
The Rezidor Hotel Group has announced it has signed a partnership agreement with Norwegian real estate developer Linstow for the management of 10 Reval hotels in the Baltics and in Russia. The joint venture agreement will come into effect from June 2010 and includes three hotels in Riga, two hotels in Tallinn, two hotels in Vilnius, and three hotels in the cities of Kaunas, Klaipeda and St. Petersburg.
The transaction adds a total of 2,367 rooms to Rezidor's portfolio, the company said. As part of the deal, six hotels will be rebranded as Radisson Blu and 4 as Park Inn. Rezidor will also open a new regional office in Riga, while Linstow will continue to own and develop the properties.
'After developing and building up the Reval hotel chain in the Baltics, Linstow now wishes to focus on its core role as a real estate developer and real estate investor,' said Per Mortensen, CEO of Linstow. 'The management deal assures further revenue growth for our hotels in both the Baltics and Russia. This will happen through, among other things, more effective marketing of the hotels'.
