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OÜ TLG Hotell, a subsidiary of AS Tallink Grupp and SIA Happy Trails of Latvia have come to a preliminary agreement that OÜ TLG Hotell will start hotel operation in Riga in 2010.
A new 250-room hotel building in the center of Riga will be constructed to SIA Happy Trails by 2010. The details of rental terms will be set in the rental agreement which will be concluded before the start of the operations.
AS Tallink Grupp does not invest into the construction of the new hotel. The transaction will not have a significant effect to the consolidated accounts of AS Tallink Grupp.
This is a related party transaction according to the Stock Exchange rules. SIA Happy Trails is owned 100% by AS Infortar which is the main shareholder of AS Tallink Grupp.
Janek Stalmeister
AS Tallink Grupp
Financial Director
Tel: +372 6409 800
Fax: +372 6409 810
E-mail: janek.stalmeister@tallink.ee
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