Metropol Grand Hotel Gelendzhik

History

2024: Change of ownership - it became the company "Grand Hotel South" associated with Sberbank

In October 2024, the Arbitration Court of the Krasnodar Territory approved an amicable agreement on the transfer of the Metropol Grand Hotel Gelendzhik to the new owner. The Grand Hotel South company will act as an investor in the settlement of debts of ₽13,5 billion to creditors.

According to RBC, the largest creditor of Investgroup Hotel is the ВЭБ.РФ state corporation, which allocated $400 million for the construction of the facility in the early 2000s. The debt to the state corporation is ₽13,4 billion.

Under the terms of the settlement agreement, the current owner of the hotel must register a new legal entity and transfer the hotel complex to him. ВЭБ.РФ and Grand Hotel South will receive shares in the authorized capital of the new structure worth ₽3,4 billion.

The company "Grand Hotel South" belongs to "SBK Project" (75%) and "Avior Holding" (25%). In 2017, SBK Project was controlled by Sberbank Capital, a company associated with Sberbank. According to the terms of the agreement, the investor is obliged to provide a bank guarantee or guarantee to Sberbank Capital.

The hotel, located on the site of the former Polyarnaya Zvezda boarding house, was built in the early 2000s by Hotel Development under the leadership of the former president of VAO Intourist Abbas Aliyev. In 2010, the facility was put into operation.

From 2021, the Metropol Grand Hotel Gelendzhik is managed by the Azimut Hotels chain, which owns more than 65 hotels and sanatoriums in 45 cities of Russia. Network representatives confirmed the preservation of the functions of the management company after the change of ownership.

Valery Zinchenko, senior partner of the Pen & Paper Bar Association, noted that the chosen form of the settlement agreement is optimal for all participants in the process: creditors will receive satisfaction, the debtor will avoid liquidation, and the investor will gain control over the asset.^[1]

Notes