PPF Investments becomes a shareholder of Continental Hotels

Jun 15, 2007

PPF Investments acquired 28.14% of Conti Hotels Investments SA, a 73% shareholder of the largest business hotel chain in Romania Continental Hotels SA.

"The Romanian hotel industry has a significant potential and we want to build on it. Therefore we consider the partnership with the Continental Hotels as a strategic one. We believe this is the beginning of a successful story" said Ivo Nejdl, representative of PPF Investments.

Radu Enache, a majority shareholder of Conti Hotels Investments, President and CEO of Continental Hotels SA commented "We are planning to invest EUR 135-138 million that will result in 3,800 new rooms, an increase from around 1,600 rooms, at present".