Overall, favourable market conditions, coupled with strong growth in the number of hotels and the sale of real estate during 1999, have resulted in a solid increase in the company�s financial performance.

Kurt Ritter, President & CEO, Radisson SAS, emphasised that the Norwegian market was experiencing difficulties, due to the current oversupply of hotel rooms against a backdrop of reduced demand. However, the group overall has enjoyed positive growth in other Nordic countries, as well as Belgium, The Netherlands, Germany, UK and Southern Europe.
 

Highlights of the first quarter period include the opening and re-branding of five new properties with two in Germany (Hanover and Fleesensee), one in Denmark (Koldingfjord), one in Turkey (Istanbul Airport) and one in Norway (Spitsbergen). The first three months of the year have also seen a number of other positive developments, including agreements to operate four additional hotels, of which one of them being Radisson SAS� first hotel in Bulgaria. The Radisson SAS Grand Hotel Sofia, located in the heart of the city is currently undergoing extensive renovations and is expected to open for business by the end of this year.

Radisson SAS Koldingfjord Hotel  Fjordvej 154 DK-6000 Kolding Denmark

Other additions include a contract for the management of a second hotel in Ireland in the centre of Galway, with an expected opening date of March 2001. A management agreement has also been signed for a hotel Klaipeda, the second hotel in Lithuania for the group, expected to open in January 2001 and one at Trondheim Airport, scheduled to open in June 2001.

Kurt Ritter comments: �1999 was our fifth consecutive year of growing volume and profits, and the first quarter of 2000 is showing an ongoing positive reflection of this growth. During these five years, Radisson SAS has grown faster than any other luxury hotel chain in Europe and the Middle East. Being able to match fast growth with improving operational and financial performance is our greatest achievement and our philosophy of putting it back into the group will mean additional benefits for our guests�.

Radisson SAS Hotels & Resorts, currently includes 100 hotels in operation and 26 hotels under development in 37 countries and is the sole franchisor in Europe, the Middle East and Africa for Radisson Hotels & Resorts Worldwide.