Four Seasons and Fashion Season demand to turn it into state income
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Bailiffs want to nationalize part of the Four Seasons hotel in the very center of Moscow. Shareholders call the demands illegal; we are talking about the assets of ex-banker Alexei Khotin. In addition to Yugra Bank, it is associated with the commercial real estate market; it owns about 50 companies that manage facilities with a total area of 1.5 million square meters. m. Among them: part of the premises of the Four Seasons Hotel on Okhotny Ryad and the Fashion Season shopping gallery. The court has already arrested them, and now the bailiffs are demanding that the assets be turned into state income. Why? Ivan Yakunin will tell you.
In 2017, Bank Yugra, the most scandalous asset of Alexey Khotin, went bankrupt, and its collapse became the largest insurance event in the history of the Deposit Insurance Agency. This could not pass without a trace: the businessman was accused of embezzlement on an especially large scale. Just a month ago, in mid-March, a sentence was pronounced – nine years in prison. Now, as RBC writes, the head of the department for the execution of particularly important enforcement proceedings of the Federal Bailiff Service, A. A. Vasiliev, demands that all the assets of the former billionaire be turned into state income.
But here’s what’s curious: the bailiff refers to the law “On control over the compliance of expenses of persons holding public positions.” Khotin has never been in the civil service, who are we talking about then? The managing partner of the Delovoy Farvater law office, Sergei Varlamov, does not understand: “The situation with Alexei Khotin is quite confusing. These are dozens of tax audits, several criminal cases, verdicts.
One of the reasons why this is being done is the illegal actions of government officials, that is, someone received income while in government service, while there are only assumptions. Now it is not even entirely clear the reasons why the Federal Bailiff Service is imposing interim measures on this property.
In essence, these interim measures are aimed at ensuring that no one now realizes or sells these objects.”
Representatives of the businessman are also confused; they say the bailiffs’ claim is not based on the law. No other details or comments were received from either side. The objects over which there is a dispute are called trophy; thanks to their premium location, they will automatically provide prestige to the owner. The address speaks for itself: st. Okhotny Ryad, building 2. There Alexey Khotin owns a shopping gallery with an area of 41 thousand square meters. m and part of the five-star Four Seasons hotel.
What kind of sums can we talk about, suggested member of the board of directors of IBC Real Estate Mikael Kazaryan: “The shopping gallery is a very high-quality facility, the location itself attracts solvent buyers and a tourist flow. Therefore, I believe that the object can be valued at 5.5-6 billion rubles. As for the hotel, this is a unique trophy: 180 rooms in it can be valued at approximately $1.5 million each.”
That is 24 billion rubles. at the current exchange rate, in total with the gallery – 30 billion rubles. But that is not all. Bailiff A. A. Vasiliev filed claims against other companies in Khotin. For example, the business centers “Krasny Bogatyr” and Cherry Tower, shopping complexes “Filion” and “Gorbushkin Dvor” can be turned into state income. Total 1.5 million sq. m, some of them have been under arrest since 2022.
Four Seasons and Fashion Season are new to the list, but Pavel Lyulin, vice-president of the Union of Shopping Centers, doubts that nationalization will take place without problems:
“It will be quite difficult to take away these assets, since they are pledged to banks, and eventually they will be transferred to the management of Sberbank.
This probably wouldn’t be the worst option for Fashion Season, since the location is good, but the concept is a little outdated. First of all, this is the interior design and tenants. This gallery does not have a clear target audience, because there are mixed tenants of different formats, with goods for different budgets.”
Nevertheless, Khotin did not complain about the lack of profit. In 2023, Forbes magazine assessed his entire “empire” as follows: 40 objects with a total area of more than 2 million square meters. m bring from rent $135 million annually, this is 12 billion rubles, which almost covers the annual budget of Makhachkala.
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