Rezidor announces the Park Inn Lipetsk, Russia

Brussels, Belgium | January 12, 2010

The Rezidor Hotel Group, one of the fastest growing hotel companies worldwide, announces the Park Inn Lipetsk in Russia. The new hotel featuring 237 rooms is under construction and scheduled to open its doors in 2012. "This hotel marked our 35th signing in 2009. Despite the challenging climate, we could add almost 7,000 rooms to our portfolio across Europe, the Middle East and Africa", says Kurt Ritter, President & CEO of Rezidor. "At the same time this agreement is a further symbol for our commitment to Russia - this emerging region belongs to our most important markets for future business development", continues Ritter. Rezidor now has over 8,500 rooms in operation or under development in Russia, including nearly 5,000 Park Inn rooms.

Lipetsk is located 450 km south of Moscow and has a population of 500,000. It is the capital of the regional Oblast and the administrative, industrial and cultural centre of the area. Its industrial base is expanding, strengthened by the existence of a Special Economic Zone within the city. It is particularly known for its steel production, through the presence of Novolipetsk Steel (one of the largest steel firms in Russia).

The Park Inn hotel will be located on a prime site south of the city centre and 300 m from the River Voronezh. Besides 237 rooms it will feature an all day dining restaurant, a Paulaner micro-brewery, two bars, and the city's finest conferencing and leisure facilities. Developer of the project is Joint Stock Company "Kuznetskiy Most Development", one of the most experienced and professional companies on the Russian market.

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