Louis Hotels sells Louis Creta Paradise

Louis plc announces that its subsidiary company, Louis Hotels Public Company Ltd, sold 62,5% of the shares in the company Gerani S.A., owner of Louis Creta Paradise hotel, in Chania, Crete. Louis is also owner of the 100% of Louis Creta Princess Hotel (420 rooms) in the same area.

The net amount from the sale amounts to CYP8,5 million (Euro 14,5 million) and it will be used for the reduction of lending and for the financing of developmen program of Louis Group. The Company will realise from this sale a profit of CYP2,8 million (Euro 4,8 million).