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2025: Owner of hotels "Beijing" in Moscow and "Pearl" in Sochi bought Balchug Kempinski
On January 20, 2025, it became known that Zhemchuzhina Hotel Complex JSC is completing a deal to acquire the five-star Balczug Kempinski hotel from the Slovak company J&T Real Estate, which has owned this asset since 2008.
According to Kommersant, the parties have already applied to the government commission for control over foreign investment to approve the deal. The cost of the facility can range from ₽12 billion to ₽14 billion.
Vice President Federations of Restaurateurs and Hoteliers Russia Vadim Prasov notes that the acquisition of a landmark hotel within walking distance of the Kremlin is a long-term investment with a possible payback period of up to 20 years.
According to the reference and analytical system for companies (SPARK), in 2023 the revenue of Balchug LLC increased by 81% to ₽972,7 million, and net profit increased 2.2 times to ₽446,2 million. The hotel has 227 rooms.
Now the acquisition of a landmark hotel, especially within walking distance from the Kremlin, is an opportunity to invest capital, "emphasizes Stanislav Ivashkevich, managing partner of Ivashkevich Hospitality. |
Partner NF Group Olga Shirokova said that in 2024 the cost of a room in five-star rooms hotels Moscow increased by 31% to ₽17 thousand per day, and the load level increased by 6 percentage points to 72%.
CMWP partner Marina Smirnova points out the need to complete the renovation of the building due to accumulated wear and tear. Before the start of the military operation in Ukraine, the sale price of the object was estimated at €130-150 million, but buyers offered €80-100 million.
According to the publication, J&T Real Estate acquired a 69% stake in the hotel from the Moscow City Hall in 2008 for $110 million. Zhemchuzhina Hotel Complex JSC is 75.4% owned by Spectrum JSC, the ultimate beneficiaries of which are not disclosed[1]
Notes
- ↑ Foreigners are moving away from the Kremlin