Norgani acquires Park Inn hotel in Oslo

Oslo (19 Dec. 2007): Norgani Hotels AS, a company controlled by Norwegian Property ASA, has agreed with Kristiania Eiendomsforvaltning AS to acquire the property Park Inn, Oslo, in Norway for NOK 174 million.  Norgani Hotels AS will take over the hotel upon completion, estimated to the summer 2009. The hotel will be rented on a 20 year turnover based lease agreement with Rezidor Hotel Group.
The property has a good location in Tollbodgata 28 in the city centre of Oslo. The current office building will be converted by Kristiania Eiendomsforvaltning AS into a hotel with 118 rooms and conference and restaurant facilities.
The Hotel will have a 20 year turnover based lease agreement with Rezidor Hotel Group that starts when the property is finished. The Rezidor Hotel Group is one of the fastest growing hotel companies in the world and manages almost 62,000 rooms in 300 hotels.
Norgani's focus is mid-market and upscale hotel properties in the Nordic region with attractive locations, preferably in cities with more than 50,000 inhabitants. The aim is to maintain a well diversified portfolio by working with several operators and their brands, as well as having a good geographic spread.
For further information 
Norgani Hotels AS, CEO Magne Ramlo, mobile +47 92 69 20 10
Norwegian Property ASA, CFO Svein Hov Skjelle, mobile +47 93 05 55 66