VILNIUS — The iconic hotel chain Reval Hotel, which has branches in all three Baltic states and in St. Petersburg will be renamed after its parent company sold the chain.

The Reval hotel is one of the most visible hotels in the Baltic states, with large a prominent hotels in all the major centers of the Baltics. The hotel industry has suffered terribly during the crisis with plummeting tourist numbers and an increased value-added tax on room stays, which caused protests among hotel owners.

Norwegian real estate development company Linstow, which manages the Reval hotel network in the Baltic States signed an agreement with the Rezidor Hotel Group of hotel management services.

As part of the agreement, the hotels will be renamed as of June 1. Some venues will be renamed Radisson Blu and others will be called Park Inn hotels.

Following the change, there will be six Radisson Blu hotels and four Park Inn hotels in the Baltic region.

The company moved to reassure workers that conditions and jobs would stay the same. Around 1,200 people work for the chain and will be retained, the company said.

The Rezidor Hotel Group own 385 hotels in 60 countries.