Trans World Corporation acquires ground lease rights of four star hotel in Linz, Austria
Trans World Corporation (TWC), an owner and operator of casinos and hotels in Europe, has purchased the ground lease rights of a four-star business hotel located on the banks of the Danube River in Linz, Austria.
Trans World Corporation, through its subsidiaries, Trans World Hotels & Entertainment (TWH&E) and Trans World Hotels Germany (TWHG), made the purchase of the lease rights.
The 176-room, four-star hotel, which opened in 1995, is around 35 minutes driving time from the TWC’s Route 55 Casino, which is located on the Czech-Austrian border near Dolni Dvoriste, Czech Republic.
It is also 2.5 hours driving time from its Hotel Savannah/Route 59 complex, near Znojmo, Czech Republic.
For TWC, the hotel is of interest given its geographic location near the centre of Linz.
The company believes the current results will further improve after completion of planned renovations.
Linz has a regional population of 271,000 and is an important economic hub in Austria.
It is an important market of the Route 55 Casino.
TWC CEO Rami Ramadan said: “We are proud to add another hotel property. This is a step forward for TWC in its strategy to grow its hotel and casino portfolio in Europe.
“We will continue to offer the best possible product and customer service to our clientele and will strive to build on the positive reputation that we have established in the regions in which we operate.
“This acquisition will also improve the Company’s valuation, to the ultimate benefit of our shareholders.”
Besides three casinos and the four-star Hotel Savannah in the Czech Republic, TWC currently owns three hotels in Germany - the four-star Hotel Freizeit Auefeld in Hann. Münden; the four-star Hotel Columbus in Seligenstadt, near Frankfurt; and the three-star Hotel Kranichhöhe in Much, near Cologne, which will be upgraded to four-stars.