Tez Tour announced plans to acquire hotels in all three Baltic
states in order to set up a hotel chain in the region. The investment
will amount to 40 - 90 million litas (12 - 26 million euros), according
to reports. Martynas Laivys, director of the firm's Lithuanian operations,
said that Tez Tour, which owns three hotels in Turkey, was
planning to invest in three five-star business class hotels in the
Baltic capitals. "We already have several offers to sell us hotels in
the Baltic countries, but no final decisions will be made until the
market research is done. We plan to do it [the research] by the end of
this year," Laivys said.
The Ukrainian Competition Board allowed Olympic Casino
Ukraine TOV, a subsidiary of Estonia's Olympic Entertainment
Group, to acquire the casino chain Eldorado, which includes
three casinos and two slots halls. OEG said that it expects to complete
the purchase, worth 9.2 million euros, within a month. The
group operated 11 casinos in Ukraine as of the beginning of June.
The operator of McDonald's Eesti earned a net profit of 7 million
kroons (450,000 euros) in 2006, a fivefold increase over 2005.
Sales grew 27 percent year-on-year to 110.5 million kroons. The earnings
were used to cover losses made in previous years. In its annual
report, the company pointed out the seasonal nature of the business,
with 46 percent of annual sales generated from May to September.
There are seven McDonald's restaurants in Estonia, five of which
are situated in Tallinn, one in Tartu and one in Narva.
