Estonia, Investments, Legislation, Real Estate, Tourism

"We don't have to hang on to a bunch of bricks at all costs. We are not going to sell the business, we'll continue doing it. If we're offered a good price, we'll be interested in selling [the building], then we can channel this money into development," Karu told shareholders, mentioning real estate funds as potential buyers.

Karu also stated that OEG is interested in establishing Hilton hotels in other Baltic States.

The group invested approximately 40 million euros in Hilton Tallinn Park Hotel.

Madis Jaager, chairman of the management board of Olympic Entertainment Group, was not willing to reveal the division of revenues between OEG and hotel operator. "Both the hotel and the hotel business belong to OEG," he said. "We're paying Hilton to run the hotel for us."

According to Jaager, it's a usual operating agreement where remuneration depends on the hotel's revenues.

The hotel opened at the beginning of June has 202 rooms on 12 floors, including 27 suites. It also has a 1,800 square meter Olympic casino, conference center, ballroom and restaurant. It is operated by Hilton Worldwide.