REVAL HOTELLIGRUPI AS

CORRECTION ANNOUNCEMENT

23.11.98

 

Addition to the privatization conditions (3. section): 

The price of the estates is 230.111.111 EEK

 

The complete announcement is as follows.

------------------------------

 

REVAL HOTELLIGRUPP IS THE OWNER OF THE HOTEL OLÜMPIA ESTATES

 

The hotel management and development company Reval Hotelligrupp signed 

a privatization contract for the Hotel Olümpia estates (Liivalaia 30 

and 33a) today, on November 20, 1998. The ownership of the estates 

secures the economic activities of Reval Hotelligrupp, and enables to 

create better conditions to keep the building (built in 1980) tidy and 

renew it in accordance with the product development.

 

The acquisition of the real estate origins from the strategic 

development plan of Reval Hotelligrupp, according to which one of the 

fields of activity of the affiliated group during the first stage of 

development is the acquisition of the real estate operated on the basis 

of rent or management contract, for the purpose of development and 

possible resale to the real estate investors.

 

The agreed privatization contract conditions: the price of the estates 

is 230.111.111 EEK, of which 50% will be paid at the 

time of signing the contract, and there is a 3 year payment period, 

whereas Reval Hotelligrupp has the possibility to pay up to 50% of the 

amount in privatization vouchers. Reval Hotelligrupp purchases the 

estates along with the liabilities. The ownership right of the Hotel 

Olümpia estate will go to Reval Hotelligrupp at the time the contract 

is signed on 20.11.98.

  

In order to finance the first down payment, a contract will be 

concluded with Hansapank. 

 

 

Andres Liinat

Chairman of the Management Board

Reval Hotelligrupp

Tel +372 6 274 444