Company briefs - 2007-08-22

  • 2007-08-22

Tez Tour announced plans to acquire hotels in all three Balticstates in order to set up a hotel chain in the region. The investmentwill amount to 40 - 90 million litas (12 - 26 million euros), accordingto reports. Martynas Laivys, director of the firm's Lithuanian operations,said that Tez Tour, which owns three hotels in Turkey, wasplanning to invest in three five-star business class hotels in theBaltic capitals. "We already have several offers to sell us hotels inthe Baltic countries, but no final decisions will be made until themarket research is done. We plan to do it [the research] by the end ofthis year," Laivys said.

The Ukrainian Competition Board allowed Olympic CasinoUkraine TOV, a subsidiary of Estonia's Olympic EntertainmentGroup, to acquire the casino chain Eldorado, which includesthree casinos and two slots halls. OEG said that it expects to completethe purchase, worth 9.2 million euros, within a month. Thegroup operated 11 casinos in Ukraine as of the beginning of June.

The operator of McDonald's Eesti earned a net profit of 7 millionkroons (450,000 euros) in 2006, a fivefold increase over 2005.Sales grew 27 percent year-on-year to 110.5 million kroons. The earningswere used to cover losses made in previous years. In its annualreport, 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 whichare situated in Tallinn, one in Tartu and one in Narva.