REVAL HOTELLIGRUPP

ANNOUNCEMENT

10.08.1999

 

COURT AGREEMENT

 

0n 20.11.1998, Reval Hotel Group acquired the buildings of Hotel 

Olümpia and the land under them, located in Tallinn, Liivalaia St. 

33/33a, registered by the Republic of Estonia and tendered by the 

Estonian Privatization Agency. On the same day, Reval Hotel Group 

was 

registered in the register of real estate as the owner of the 

aforementioned estate and set a mortgage in favor of Hansapank. 

 

The plaintiffs Lauri Laas, Pia Koort and Alvine Lestal filed the 

lawsuits against the Republic of Estonia and Reval Hotel Group, 

demanding to cancel the real estate sale and mortgage contracts 

made on 

20.11.1998. Although Reval Hotel Group acquired the aforementioned 

real 

estate as bona fide purchaser, grounding on the entries made to the 

register of real estate and the seller’s confirmation, the notes 

made 

to the register of real estate prohibiting the sale of the estate 

and 

burdening the estate with real right, made pursuant to the decree 

of 

the Tallinn City Court, prohibited it to use these estates, 

including 

to pledge.

 

On 06.08.1999, Reval Hotel Group received the Tallinn City Court’s 

decree from 26.07.1999, by which the court:

1. ended the procedures in the court case Lauri Laas and Pia Koort 

against the Republic of Estonia, Reval Hotel Group and AS 

Hansapank;

2. confirmed the court agreement between Reval Hotel Group and AS 

Hansapank through Lauri Laas, Pia Koort and the Estonian 

Privatization 

Agency;

3. cancelled the notes prohibiting the sale of the estate and 

burdening 

the estate with real right, made to the register of real estate in 

order to secure the lawsuit.

 

The aforementioned court decree becomes effective after expiration 

of 

terms for appealing; the restrictions imposed on Reval Hotel Group 

for 

using the estates of Liivalaia 33, including additional burdening 

of 

the estate, will then be cancelled. 

 

 

Urmas Pastarus

Development Director

Tel. +372 62 74 444