The Board of Louis Cruise Lines announced the expansion of its subsidiary Louis Hotels Ltd. in Greece. The company has completed the acquisition of the Regency AE Hotel-Tourist Enterprises, owner of the Regency Hotel situated in Corfu, built in 40 acres of land. The hotel is category ‘A’ and has capacity of 181 rooms, 5 suites, 23 bungalows and 10 apartments, totalling 219. Together with the hotel, an independent villa of 700 sq.m. with a swimming pool has been acquired set in four acres of land as well as 10 acres of land suitable for future development. The total acquisition cost was CYP 5.5 million which has been paid in cash. This new addition to the company is expected to contribute positively to profits of the group from 2001 onwards.

Louis Hotels Ltd., which is currently the largest hotel organisation in Greece and Cyprus, is made up of 26 hotel units, the majority of which are 4 star, 13 of which are in Cyprus and 13 in Greece, totalling a capacity of 11.000 beds.