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SAS signs major hotel agreement

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20:19 CET+01:00
SAS has signed a shareholder agreement with American hospitality company Carlson Hotels Worldwide, which is expected to raise the SAS Group's profits through its company Rezidor SAS.

As part of the agreement Rezidor SAS will receive better commercial terms in the parties' current Master Franchise Agreement.

The deal, which is pending regulatory approval and expected to take place in the first half of 2005, has an option for Rezidor SAS to use the Carlson brands to 2052, an increase of twenty years on the previous

agreement.

SAS will maintain the majority holding and control over Rezidor SAS, with Carlson Hotels Worldwide, a key player in the global hospitality sector, taking a 25% stake in Rezidor SAS.

Kurt Ritter, President & CEO of Rezidor SAS said that: "When we initially signed a deal with Carlson back in 1994, we were a small hotel group with only 29 properties. Now we operate the key global Carlson Hotel brands

throughout Europe the Middle East and Africa, with a portfolio of 245 hotels in 47 countries. We're on track to reach our target of 700 properties by 2012."

SAS estimate that the deal with increase Rezidor SAS's profits by 11 million euros this year alone.

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