The structure of AFK Sistema acquired hotels in Russia from the Norwegian Wenaas
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Cosmos Hotel Group, a subsidiary of the Russian investment AFK Sistema, has completed the acquisition of ten hotels located in four cities of Russia from the Norwegian Wenaas Hotel Russia AS. This follows from press release AFK. The transaction amount is €200 million.
As a result of the transaction, Cosmos Hotel Group acquired: six hotels in St. Petersburg, in particular, the Park Inn by Radisson in different districts, as well as the Olympia Garden Hotel; two hotels in Moscow — Park Inn by Radisson Sheremetyevo, Radisson Blu Sheremetyevo Airport; one hotel each in Murmansk (Park Inn by Radisson Murmansk) and Yekaterinburg (Park Inn by Radisson Ekaterinburg).
As they say in the message, the deal amounted to €200 million. This amount includes a voluntary 10% contribution to the budget of the Russian Federation. This is one of the conditions for obtaining permission from the Russian authorities to sell assets in Russia.
The total number of purchased hotels, the company said, is 4,078 units. The total area of hotels is 264.1 thousand square meters. m. In 2021, the company’s total revenue amounted to 4.3 billion rubles. Financial figures for 2022 have not yet been disclosed.
The planned deal became known on February 1. AFK Sistema said that the acquisition would double the revenue of the Cosmos Hotel Group hotel asset.
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