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Country Inn Brand Properties in Moscow and St. Petersburg |
| Brussels, March 10, 2003 � Rezidor SAS Hospitality
announces it will enter the mid-market segment in Russia, and expand its
presence to about 50 hotels over a period of 8-10 years. In a joint
venture with Delta Capital Management (manager of The U.S. Russia Investment
Fund), Sweden�s Swedfund and Denmark�s IØ (The Investment Fund for
Central and Eastern Europe), Rezidor SAS will initially target main cities
like Moscow and St. Petersburg and other key regional capitals. The
objective is to add about 8 hotels in the next three years.
Country Inn is a mid-market alternative for business and leisure travelers who want a high level of comfort and value for their money. The country culture, with its cozy atmosphere and friendly staff, is crucial to the concept. There are currently more than 325 Country Inn hotels across the U.S. and Europe. �While Russia offers tremendous growth opportunities, its mid-market hotel segment remains widely underserved. There is a growing demand for affordable, quality accommodations operated by an international hotel chain under an identifiable brand name. We believe that the market is there and the timing is right to expand this brand within the vast Russian Federation,� said Kurt Ritter, president & CEO of Rezidor SAS Hospitality. There are currently 5 full-service, upscale Radisson SAS hotels in Russia. Rezidor SAS is the leading international hotel company in that segment. Rezidor SAS Hospitality is the master franchise holder for the Radisson SAS, Regent, Country Inn and Park Inn brands in Europe, the Middle East and Africa. The Radisson SAS portfolio now extends to 40 countries. |
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Emily Easter MMG Mardiks 594 Broadway, Suite 1106 New York, NY 10012 Phone: 212-219-7560, ext. 204 [email protected] |