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| Brussels, July 2005 - Rezidor SAS Hospitality, the Brussels-based multi-brand
hospitality company, has signed a 35 million EUR (approx. $41.8 million
U.S.) financial joint venture agreement with four nordic government funds
(IFU of Denmark, Finnfund of Finland, Norfund of Norway and Swedfund of
Sweden) to expand its presence in Africa.
Through individual projects and portfolio deals, Rezidor SAS has ambitious expansion plans for Africa, primarily under the Radisson SAS and Park Inn hotel brands. The company expects to open over 50 hotels in the next five years. The joint venture will accelerate growth in Africa by providing development financing to hotel projects, which in turn would help promote local infrastructure for both business and tourism. Currently Rezidor SAS operates two properties in Cape Town, the Radisson Waterfront Hotel and the Park Inn Greenmarket Square, with the Radisson SAS Lagos and the Radisson SAS Resort Djerba due to open in early 2006. The group is currently also pursuing several projects in countries including South Africa, Botswana, Zimbabwe, Zambia, Malawi, Kenya, Nigeria, Ghana, Senegal, D.R. of Congo, and Morocco. Kurt Ritter, president & CEO of Rezidor SAS comments, �Having established a relationship with the IFU, Swedfund and Finnfund under our joint venture in Russia, the extended partnership for Africa along with the additional support of Norfund is evidence of the great confidence in Rezidor SAS.� Ritter continues, �Africa is fast becoming recognized as a key area of growth within the leisure and business travel sectors. I believe that the strategic positioning of our properties in these key areas of the continent will enhance the reputation of Rezidor SAS not only as one of the fastest growing hospitality groups in the world but also as the leading hotel chain in responding to the needs of today�s traveler.� Rezidor SAS Hospitality is one of the fastest growing hospitality companies in the world and currently has 250 hotels in operation and under development in 48 countries with the aim to develop 700 hotels across the four brands by 2012. In September 2002, Rezidor SAS announced a unique deal with US-based Carlson Hotels Worldwide (CHW) to expand the Carlson Hotel brands in Europe, the Middle East and Africa and now operates as the umbrella brand for Radisson SAS Hotels & Resorts, Park Inn, Regent and County Inn in these areas. Rezidor SAS Hospitality is a wholly owned subsidiary of the Stockholm-based SAS Group. SAS is owned partly by the three Scandinavian governments of Norway, Sweden and Denmark and partly by private sector interests in these countries. Rezidor SAS Hospitality head office is in Brussels. |
| Contact:
Colleen McCormick
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