An affiliate of EVENT Hotel Group has purchased the 280-room Radisson Blu and adjacent office building in Tallinn, Estonia. The city center high-rise Radisson Blu will continue to operate under the Radisson Blu flag under management of EVENT Hotel Group.
"Tallinn's robust RevPar growth is in excess of 30% year-to-date and there is no new supply in the pipeline after going through some challenging times in the recent past. 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", says Anders Braks, CEO of EVENT, a major international hotel owner and investor.
"Our business plan for this unique hotel asset includes revenue enhancement initiatives, improvement of internal technological and operating systems, vigilant oversight of all cost-containment and major capital allocation initiatives such as a comprehensive renovation of all guest rooms, enlarging of prime corner deluxe rooms, the penthouse restaurant and creation of the 'living lobby' concept."
Source: Goerke Public Relations GmbH