Vrissiana to boost Tsokkos revenue

A. Tsokkos Hotels Pcl subsidiary Craicias Holdings Ltd. announced the acquisition of Vrissiana hotel in Protaras from Aqua Sol Hotels Ltd, at a consideration price of CYP 7 mln (including all equipment).

Vrissiana is a 4-star hotel with a capacity of 140 rooms (CYP 50.000 per room) and is situated at the Protaras area next to Constantinos The Great (the Group’s 5-star hotel).

Egnatia Financial Services consider the acquisition of Vrissiana Hotel as a positive development, strengthening TSH’s presence in the Protaras area.

According to their estimates, based on an average of 80-85% occupancy rates from mid June until October 2006 (we assumed the hotel operates only for 4.5 months in 2006, i.e. 138 days), and an estimated average total RevPAR of CYP 43 (includes accommodation, F&B Income and Other incidental income) Egnatia expect Vrissiana Hotel to contribute CYP 660k – CYP 700k in FY06. For 2007, given that the hotel operates from April to October (i.e. 214 days) with an estimated average occupancy rate in the Protaras area of 70% and a total RevPAR of CYP 43, Egnatia anticipate total revenues to increase by CYP 900.000.