English
RED Group and PPF Investments have signed an agreement for the future development of the Continental hotel chain in Romania, following a sustained selection and negotiation process. PPF Investments acquired 28.14% of the shares held by Conti Hotels Investments SA in SC Continental Hotels SA, the value of the transaction being confidential.
Continental Hotels will invest approximately 65-70 million EUR in order to expand its activities in next five years. The company has already announced a 63-68 million EUR investment in a project which will comprise seven Ibis hotels. The company has recently concluded a contract with French group ACCOR in order to develop an IBIS hotel chain in Romania in the next 3 years. The hotels will be opened in between September 2008 - May 2010 in Timisoara, Targu-Mures, Sibiu, Bucuresti, Brasov, Cluj-Napoca and Iasi.
PPF Investments is an independent, international private equity group with a specific focus on transitional economies, such as those in Central and Eastern Europe and Asia. So far, the company has invested over 800 million USD in the financial field, telecommunications, media and real estate projects. In Romania, PPF Investments has acquired 70.8% in Ardaf, 20% in Romexterra and took over RAI. PPF Investments has its headquarters in London and offices located in Prague, Kiev, Moscow and Beijing.
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