Mirax Group announced it would construct an elite Alpine skiing resort in the Alps, investing roughly $300 million for this purpose.
Photo: Alexey Kudenko
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The Alpine Approach
Mirax Group has become Russia’s first developer with a project in Switzerland. Yesterday, Mirax announced it would construct an elite Alpine ski resort in the Alps, investing roughly $300 million for this purpose. The holders count that this project along with other foreign undertakings of Mirax (in Cambodia, Turkey, Montenegro and the United States) will generate the profits of up to $2 billion in the following ten years.
Mirax will construct the Alpine skiing facilities at the height of 1,450 meters. Villas, luxury apartments and a hotel for 400 to 500 rooms will emerge in the area of 9 hectares, while the overall area of resort’s real estate will be 95,000 sq meters. The project will have the 5-star luxe grade, holders of Mirax Group say, promising to name the definite canton in Switzerland in late January. According to Mirax Group Board Chairman Maxim Privezentsev, they intend to close the deal for buying an allotment exactly by this time.
Mirax Group was set up in 1994. It generated $555 million in 2006 revenues and posted the EBIDTA of $200.5 million. Sergei Polonsky is the principal holder with 85 percent in Mirax Group, Artur Kirilenko owns 10 percent, BOD members have the remaining 5 percent.
Mirax Group has directed its steps overseas this year. To begin with, it bought an island in Cambodia for $30 million and built a boutique-hotel for 12 rooms there. In the next move, Mirax bought out elite Sungate Port Royal hotel, Kemer, from Turkish Cengiz Group for $340 million. Then, Mirax pledged to invest $600 million in constructing two hotels under the Sungate Port Royal brand in Montenegro, Tunisia or Greece, and the Astra Montenegro project was announced in November. Mirax also bought 13 villas in Miami, promising to inject $90 million in them.
www.kommersant.com
All the Article in Russian as of Dec. 27, 2007
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