Raffles Holdings Limited, through its Estonian subsidiary Osauhing Evans Kinnisvara, has sealed an agreement with Tornimae Hotel Ltd…
Raffles Holdings Limited, through its Estonian subsidiary Osauhing Evans Kinnisvara, has sealed an agreement with Tornimae Hotel Ltd to operate a new hotel development in Tallinn, Estonia. This is the second hotel contract in Eastern Europe for Raffles International, the hotel management arm of Raffles Holdings, after securing its first agreement to manage a hotel in Moscow last year. Targeted for opening in early 2007, the 239-room hotel to be named Swissotel Tallinn Estonia, is the latest addition to Raffles International`s portfolio, growing the company`s global footprint to 39 hotels and resorts in 20 countries in 34 destinations. Under the terms of the agreement, Raffles International will manage the deluxe hotel under the Swissotel brand.
Located within the Baltic Sea Region, Estonia is one of the fastest growing economies and is forecasting strong GDP growth for the next two years.
Over the recent years, its capital city, Tallinn, has developed into an important banking and commercial hub, linking Russia and the Scandinavian and Baltic countries. Since the Old Town of Tallinn was awarded the UNESCO world heritage status in 1997 for its rich history and medieval architecture, Tallinn has further flourished into a popular leisure destination. It saw an increase in total visitation of 70% between 1998 and 2003 and was listed as one of the Fifty Most Romantic Places on Earth in Travel and Leisure magazine in 2001. Today, it is a modern city with tall buildings, large shopping malls, a newly renovated airport, and an ever-growing cargo and passenger port. The city also has a fast developing convention and conference industry with sixty percent of conferences held in Estonia taking place in Tallinn.
The 239-room, 28-storey Swissotel Tallinn, Estonia is conveniently situated in a prime city location commonly known as the Wall Street of Tallinn, between Tartu and Ravala Street. The hotel is within 15 minutes` walk from the Old Town known for its cobblestone streets, 10-15 minutes from the airport via the Tartu road, 10 minutes from the passenger harbour and 15 minutes from the central railway station. Swissotel Tallinn Estonia, will be part of a multi-complex comprising apartments and shopping centres. Upon completion in early 2007, it will be Tallinn`s tallest building, boasting impressive views over the city from the hotel`s top floor. Hotel facilities include 2,500 square metres of conference and meeting facilities, food and beverage outlets, three executive floors, and a health club.
Ms Leong Wai Leng, Deputy Chief Executive Officer, Raffles Holdings and CEO, Raffles International said, We are pleased to partner EKE Invest Ltd, a reputable real estate developer in Estonia to operate the Swissotel Tallinn, Estonia. The deal marks Raffles International`s second hotel management contract in Eastern Europe, after Swissotel Krasnye Holmy Moscow, which is scheduled to open in 2005. It also offers us the excellent opportunity to strengthen our presence in Eastern Europe, widely recognised as one of the world`s fastest growing market for tourism and business today.
Mr Meinhard Huck, Managing Director Swissotel Hotels & Resorts, added: The new Swissotel Tallinn, Estonia marks another significant step in the history of our company and reflects the growing stature of Tallinn as an attractive holiday destination and a city for international business.
Mr Rein Tiik, Chief Executive Officer, EKE Invest Ltd commented, Since our initial discussions with Raffles International, we have been impressed with the company`s expertise in hotel management and strength in brand marketing. We are delighted to enter into this partnership with Raffles International to operate the first deluxe business hotel in Tallinn to tap into the growing business market in Estonia. We are confident that under the partnership, we will be able to make Swissotel Tallinn Estonia, a choice hotel for business and leisure travellers.
Tornimae Hotel Ltd is a 100% subsidiary of EKE Invest Ltd, one of the major real estate developers in Estonia. EKE Invest Ltd, through its subsidiaries and related entities, is active in SPA and related accommodation services and investment consultancy, and production and sales of construction materials.
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