Lublin: VDHG terminates the Lease Agreement with SORAT Hotels for the Grand Hotel Lublinianka

28.08.2002

Von der Heyden Group terminated the 10-year Lease Agreement with SORAT Hotels Sp. z o.o. as the Tenant did not comply with the conditions of the lease agreement signed on 6. February 2001. SORAT failed to pay its rental obligations for 3 consecutive months and did not meet other financial obligations under the Lease Agreement.

Von der Heyden Group has taken over the majority of the staff and is fully prepared to run the Hotel as of 1 September 2002. Agreements with all key suppliers have been entered into in order to guarantee a smooth transition and ensure that the guests of the Hotel will have at least the same as before level of service. The pre-bookings are stable for the coming months. The average Room Rate is around 105 Euro and the Owner expects an Average Occupation in the first year of operations of around 40-45 %.