PRO KAPITAL

ANNOUNCEMENT



ABOUT HOTEL PROJECT IN VENICE



On 13.03.2001 Management Board of Domina Vacanze, 

subsidiary of PK Group, decided to buy a hotel project

in Venice, one of Italy's biggest tourist centres.



The hotel building with general area of 1,200 m2, 

is located on island Giudecca next to a canal.

After renovations the thirteenth-century building 

will become Domina Hotel Venice.



The price for the hotel building is ITL 2.5 bln 

or EEK 20 mln (the official exchange rate of Central 

Bank of Estonia on 12.03.2001 is 1 EEK = 0.008 ITL).

The budget for renovation works is ITL 7 bln or 

EEK 56 mln.



Average daily rate for one hotel room out of 27 is DEM 650

or EEK 5,200.





Ilona Saari

PK Group, Board member

+372 614 4924