Kempinski Grand Hotel in Gelendzhik, Russia Bought Out of Administration

Main Photo: The Kempinski Grand Hotel

Date: June 2020

Location: Gelendzhik, Russia

Name: The Kempinski Grand Hotel

No. of Keys: 379 rooms, including 33 Suites and 70 rooms and suites in bungalows.

Seller: The hotel went into administration

Buyer: The Kempinski Grand Hotel in Russia´s Black Sea coastal town of Gelendzhik has been sold out of administration for a reported price of 1.1 billion rubles (approximately €14 million, representing €37,000 per room) to an investment vehicle controlled by local real estate developer Prokhor Pozolotin.

The transaction took place as a share sale, with the acquired company currently being controlled by VEB.RF, the Russian state development bank and the company´s largest creditor.

Located on the Black Sea coast, the 379-room hotel sits on an 8-hectare plot and includes extensive spa facilities, a conference centre and three restaurants. Opened in 2007, the hotel was managed by Hilton under its core Hilton brand until 2011 prior to its re-branding as a Kempinski.

THPT Comment: Will the new owners keep the hotel as a Kempinski?

First Seen: HVS

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