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's activity report 2022

General Information

The main activity of Hotel Olümpia AS is hotel management. The hotel is managed by the Radisson Hotel Group under a management contract and operates under the Radisson Blu Hotel Olümpia brand. Radisson Hotel Group operates and develops approximately 1,500 hotels worldwide and employs approximately 100,000+ employees. Radisson Hotel Group operates under the following brands: Radisson Collection, Radisson Blu, Radisson, Radisson Red, Radisson

Individuals, Park Plaza, Park Inn by Radisson, Country Inn & Suites by Radisson, Prizeotel.

The 100% owner of Hotel Olümpia AS is Linstow AS, a real estate company based in the Kingdom of Norway, through a holding company (Olympia Holding registered in the Kingdom of the Netherlands)

Nederland B.V). Linstow AS is part of AWILHELMSEN

AS, owned by members of the Wilhelmsen family.

As of 31.12.2022, Hotel Olümpia AS employed 174 employees.

Key events in 2022

The hotel market and customer segments in 2022 showed signs of recovery, but the war that broke out in Ukraine as a result of the Russian invasion on 24.02.2022 and general economic uncertainty did not allow for a full recovery compared to 2019.

According to Statistics Estonia, tourists spent 5.95 million nights in Estonian accommodation establishments in 2022, which is 48.8% more compared to 2021, but still 14.6% below the 2019 level. The number of overnight stays by tourists staying in Tallinn showed an 86.5% increase. The growth in the number of tourists affected all customer segments. The smallest growth was in the holiday group segment, as this segment was most affected by fears related to the Ukrainian conflict. Market occupancy and average room price increased significantly compared to 2021, but were still below 2019 results. Longer-term recovery depends on the addition and stability of international transport connections.

Looking at the statistics of the countries of origin of those staying overnight in Tallinn hotels, there is an increase among visitors from all countries, but the largest growth was among guests from the Republic of Finland, whose number of overnight stays increased by 408% compared to 2019. The Rammstein concert held in July had the biggest impact on major events, providing many Tallinn hotels with the opportunity to accommodate visitors and organizers.

Radisson Blu Hotel Olümpia 2022 In 2022, the average occupancy of Radisson Blu Hotel Olümpia hotel rooms was 54.7%, which was 4 percentage points better than the 2021 result. The average price of a sold hotel room was 74.73 euros, which was 17.78 euros higher than in 2021.

Compared to the previous year, the net turnover achieved per hotel room sold (RevPAR) was 40.87 euros, which is 11.98 euros higher.

The company's financial results were mainly supported by the openness of the local markets and the speed of recovery of travelers' courage to travel and the abandonment of restrictions on catering and entertainment venues (including event organization).

The COVID-19 pandemic reached a phase of decline and did not have a drastic impact on the company's operations.

Inflationary pressure and particularly the growth of energy costs had a significant negative impact on the hotel's performance in 2022.

The energy crisis and the impact of sanctions The war initiated by Russia in Ukraine on 24.02.2022 triggered a chain of EU sanctions, which in turn had a very large impact on the development of the energy crisis, inflation and the rise in EURIBOR rates. Due to the rise in energy prices, the company implemented various cost-saving measures and plans to implement additional energy-saving projects in the near future, as intense competition and consumer price sensitivity did not allow the increased energy costs to be fully passed on to end consumers.

As a result of the sanctions imposed by the EU, all cooperation with Russian partners was completely terminated and monitoring sanctions is one of the company's focuses. In addition, 2022 brought disruptions in supply chains, but these