euro adhoc: Joint Ventures/Cooperation/Collaboration / Louvre Hotels and Warimpex announce a strategic joint venture for the development of a leading budget hotel chain in Central Europe

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Budget-Hotels

26.03.2007

Paris, Vienna, Warsaw, 26 March 2007 Louvre Hotels and Warimpex
Finanz- und Beteiligungs AG have today announced a strategic joint
venture to develop and own budget hotels in Central Europe. Each
company will have a 50 per cent share in the joint venture which will
cover Central Europe (Poland, the Czech Republic, Hungary and
Slovakia, with a possible extension into other countries in the
region). The joint venture will enable the two companies to develop
the successful existing budget brands of Louvre Hotels: Campanile;
Première Classe and Kyriad. The start of the joint venture is
foreseen by mid 2007, subject to any governmental authorisations.

Both companies intend to invest jointly in the project a total
EUR300m - EUR500m in the next five to seven years, with the aim of
developing over 80 hotels in the region. The first investment phase
is intended to comprise approximately 30 budget hotels in this
region, equivalent to an initial investment volume of EUR 150
million. Warimpex will act as a developer and Louvre Hotels as the
hotel operator.

end of announcement euro adhoc 26.03.2007 08:15:00
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ots Originaltext: Warimpex Finanz- und Beteiligungs AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:
Warimpex Finanz- und Beteiligungs AG
Phone: +43 1 310 55 07-0
DI Christoph Salzer
mailto:presse@warimpex.com
Mag. Daniel Folian, mailto:investor.relations@warimpex.com
www.warimpex.com

Branche: Real Estate
ISIN: AT0000827209
WKN:
Index: ATX Prime
Börsen: Wiener Börse AG / official market


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