Estonia, EU – Baltic States, Real Estate, Tourism

The hotel "The Three Sisters" is located in the very heart of the Old Tallinn. The group of three merchant houses was built in 1362, and renovated in 2003, preserving the unique Hanseatic style.

Johannes Wientjes is the owner of Fashion Palace, a moll which offers a wide selection of jewellery, clothes, footwear, and accessories, including those of world-famous fashion brands.

"The reason of sale was hedging risks," Sumberg explained the reason he sold Kolm Õde to a company Maslé Onroerend Goed B.V. belonging to Wientjes.

"The economic situation in the Baltics is complicated, especially in spheres related to tourism and real estate," Sumberg pointed out.

The businessman didn't comment on his intention to attract investors to hotel "Telegraaf" in Tallinn, or "Albert" in Riga, or SPA hotels in Tallinn and Kuressaare.

According to Wientjes, he wanted to buy a five-star hotel in Tallinn since the last autumn.

"Estonia can't be an impressive producer country, but it's a great place for tourism and business meetings, for instance," he said.

Wientjes plans to improve the quality of the service in the hotel, and reorganise its wine-yard into a winter-garden.

According to him, Tallinn is a mix of influences from German and Swedish culture and the city has huge potential to bring rich Russian tourists.

"The Three Sisters" is a member of the prestigious Design Hotels group.