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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
Phil Davies
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