Palace, Bern and Savoy hotels operator TallinnHotels declares bankruptcy
TallinnHotels, which operates the Palace, Bern and Savoy Boutique hotels in the Estonian capital, has filed for bankruptcy and is to lay off 120 employees, business daily Äripäev writes.
TallinnHotels CEO Ain Käpp told Äripäev (link in Estonian) the company had no option other than bankruptcy, adding the decision to close TallinnHotels was company owner Ruslan Rastošchenko's.
Travel restrictions arising from the coronavirus pandemic have put the entire hotels sector into dire straits as occupancy has been almost zero since March.
The Palace Hotel's owner, EfTEN Capital, says it is inviting its old management back under Ain Käpp, but under a new company, Äripäev wrote.
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Editor: Andrew Whyte