Warimpex Finanz- und Beteiligungs AG

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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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.

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ots Originaltext: Warimpex Finanz- und Beteiligungs AG
Im Internet recherchierbar: http://www.presseportal.ch

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

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

Weitere Meldungen: Warimpex Finanz- und Beteiligungs AG

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