United Kingdom
United States
Asia Pacific
Orient-Express invests in Russian hotel
Orient-Express Hotels has taken a majority interest in a property in St Petersburg.
The company has made its first move into Russia with the deal for the 301-room Grand Hotel Europe, located in the heart of the city.
The deal is worth $125 million over three years, according to the company.
Orient-Express is taking over the management of the property from Kempinksi as part of the transaction. The hotel has six resturants and is considered comparable to the company’s Hotel Ritz in Madrid.
Company president Simon Sherwood said: “Business activity is increasing in the region. There is and will be increasing demand for luxury hotels by the business community.
“The balance of strong business demand in winter and strong tourist demand in summer assures high occupancy levels.”
Orient-Express now owns or manages 48 properties in 22 countries.
Report by Phil Davies
Related News Stories:
Phil Davies
Bubba O’Keefe on Clarksdale’s Vibrant Music Scene
Commemorating Elvis and Embracing Tupelo’s Culture with Jennie Bradford Curlee
Craig Ray and the Expansion of the Blues Trail
Presenting Mississippi’s Cultural Trails with Katie Coats
Robert Terrell: A Journey Through BB King’s Influence
Rochelle Hicks: Celebrating Mississippi’s Musical Legacy
Exploring Jacksonville with Katie Mitura: The Flip Side of Florida
Tricia Handley-Hughes of Inteletravel announces the location for the TravelQuest 2025 conference
Insights from James Ferrara on Inteletravel’s Growth and Future
Tricia Handley-Hughes on Inteletravel’s Growth and Challenges
Tony from Gatto’s Pizza on Columbus’s Unique Pizza Trail
Sophia Hyder Hock on Global Social Inclusion in Tourism
Dozens fall ill in P&O Cruises ship outbreak
Woman dies after getting ‘entangled’ in baggage carousel
Turkish Airlines flight in emergency landing after pilot dies
Boy falls to death on cruise ship
Protestors now targeting Amsterdam cruise calls