Kuwaiti Information Minister and Acting Oil Minister Sheih Ahmed Fahd al-Ahmed as-Sabah (center) at the Radisson SAS Slavyanskaya Hotel in 2002
Photo: Valery Melnikov
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Irish Group Wants to Buy the Radisson
The Irish Quinn Group is interested in the well-known Moscow hotel the Radisson SAS Slavyanskaya. It has proposed that the hotel's owners begin due diligence promptly, according to confidential correspondence between consultants in the deal. Experts estimate the value of the deal at $240-280 million.
According to the correspondence between Dolmen Corporate Finance, which manages the finances of the Quinn Group, and TNBC International Consultants and Nella Investment, Quinn Group wishes to acquire 100 percent of the shares in the hotel in freehold. The Unitary State Register of Legal Entities lists OOO Slavyanskaya Hotel and Business Center as the owner of the hotel. It in turn is owned by the City of Moscow property department (80.55%) and OOO Otel-Invest (19.45%). That city department told Kommersant yesterday, however, that the city currently owns only 50 percent of the hotel now, and the American Radisson Co. owns the other half. The Slavyanskaya made a net profit of 469.5 million rubles last year on receipts of 1.67 billion rubles.
The Quinn Group is managed by Irish billionaire Sean Quinn, whose fortune is estimated by Forbes at $4.5 billion. It is a major presence in the European hospitality industry and has been active in Russia since 2006. It plans to invest up to $5 billion in Russian real estate by 2011. Slavyanskaya general director Gurami Mzhavanadze told Kommersant through his assistant that he “knows nothing of the plans of the hotel's owners to make a financial audit of the hotel.”
www.kommersant.com
All the Article in Russian as of Oct. 23, 2007
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