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Russian hotel giant branches into Europe
Published: 08 April, 2008, 14:17
Russia's largest hotel chain Azimut has acquired 20 hotels in Austria, Germany and the Czech Republic as part of a deal to acquire the Austrian Hotel Company. Azimut will invest $US 125 MLN into the newly-acquired chain.
With 2007 turnover of around $US 50 BLN, Azimut specialises in business-class hotels in 7 large Russian cities, including St. Petersburg and Vladivostok.
The company's General Director hopes the deal will bring European hospitality skills to the Russian market.
“What we need to add to our professional way is technology of the business. The hospitality market in Europe has been working for centuries,” Sergey Lysenkov, CEO of Azimut Hotels Company says.
08.04.2008, 14:08
Russia’s Finance Minister eyes budget cutsRussia’s Finance Minister has foreshadowed expenditure cuts during a meeting investigating the next 3-year budget. Alexsey Kudrin admitted there is not enough statistical information or a proper method for making long term forecasts. |
08.04.2008, 16:06
Interview with Evgeny GavrilenkovThe three year budget being prepared by the Russian Finance Ministry is looking more harzadous than previous years, according to Evgeny Gavrilenkov, the chief economist from Troika Dialog Investment Bank. |
