“Holiday Inn” Hotel Chain Comes to Lithuania

Lithuanian Investment Company “Invalda” and “Bass Hotels & Resorts”, one of the world’s biggest hotel chains, signed a 20 year franchise agreement for the operation of a “Holiday Inn” hotel in Vilnius. The planned investment is USD 7.5 million. The construction of the new hotel will start in April. “The new six story hotel will open in the first half of 2002 and will have 134 rooms, a conference hall, a restaurant, a parking lot, etc.”, said Alvydas Banys, “Invalda’s Vice-president. Michael A.Cooper, “Bass Hotels&Resorts” Director for Central and Eastern Europe named Lithuanian hotel market as one of the most promising in the region. “This is our first step in the Baltic States and we also have plans for Riga and Tallinn in the near future” said M.A.Cooper. “Bass Hotels&Resorts” operate “Inter_Continental”, “Crowne Plaza”, “Holiday Inn”, “Holiday Inn Express” and “Staybridge Suites by Holiday Inn” hotel chains. The “Holiday Inn” hotel chain was founded in 1952 and now has 1,500 hotels across the world. It is the eighth hotel chain in Lithuania alongside with “Radisson SAS”, “Best Western”, “Le Meridien”. “Relais &Chateaux”, “Reval Hotel Group”, “Minotel” and “Scandic Hotels”.