Russian hotel giant branches into Europe
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.