REVAL HOTELLIGRUPP

ANNOUNCEMENT



LETTER OF INTENT SIGNED



On 28.05.2000 Reval Hotelligrupp and Lithuanian company Transmeda 

signed a letter of intent, according to which the parties will 

cooperate on development of estate owned by Transmeda in the center 

of Vilnius into a hotel. 



The letter of intent does not stipulate binding obligations to the 

parties, but provides framework for coordinated work on the project. 

Transmeda will continue to seek co-investors and credit 

opportunities, and Reval Hotelligrupp will consult the company on 

project development, using its experience on hotel management. 



In case Transmeda will find financing for the project and solve the 

real estate development related issues, the parties will commence 

detailed rent negotiations with an aim to rent the new hotel Reval 

ExpressHotel Vilnius. In case the development processes are 

successful, Reval ExpressHotel Vilnius should open in spring 2002.



The estate is located in the center of Vilnius, near the main traffic 

route of the city. Reval Hotelligrupp does not make any direct nor 

indirect investments into the real estate development part of this 

project; signing of the letter of intent does not have any impact on 

the financial activities of Reval Hotelligrupi in year 2000.





Additional information:

Urmas Pastarus

Director of Development

+372 62 74 444





Feliks Mägus

Management Board chairman

+372 62 74 444