Press Releases

BSTDB Financing to Improve Hotel Market in Ukraine


The Black Sea Trade and Development Bank is providing up to EUR 15.4 million loan for the construction and refurbishment of a new four-stars Radisson BLU business hotel and family resort in Odessa. The loan will be extended to LLC Mega Comfort Development; a privately owned Ukrainian company. Developer of the project is LLC Double W Development. The project’s total cost amounts to EUR 43.9 million, and it includes two other institutional investors, namely IFU and NEFCO.


The 205-room hotel will be located in the historical city center of Odessa, one of the busiest hotel markets in Ukraine. The hotel will be one of the first international hotels in Odessa and will have a unique mix of hospitality, conference and entertainment facilities to attract leisure, business and MICE demand. Apart from expanding the hospitality market, the new hotel will set high industry standards in environmental performance and operational efficiency in Ukraine, and it is expected to become the first Gold Certified LEED hotel in Ukraine (LEED: “Leadership in Energy and Environmental Design” is the most widely used green building rating system in the world).


Commenting on the deal, Ihsan Ugur Delikanli, BSTDB President said: “We are proud to be involved in the development of this hotel, which will not only promote domestic and international tourism, but will also generate sustainable and high quality jobs for the city of Odessa. As a regional development bank, committed to the economic growth of its member-countries, BSTDB not only accelerated considerably its financing for Ukraine over the past few months but, more importantly, mobilized funds from outside the region at a time when funding in the country remains limited.”


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LLC Mega Comfort Development is a limited liability company established in Odessa, Ukraine. The company’s major shareholders are four Ukrainian businessmen and IFU, a Danish investment fund with experience in Eastern Europe.


LLC “Double W Development” is part of Double W Group, an experienced hotel and real estate developer and investor, which has realized as a developer and co-owner of a number of real estate projects in Ukraine, including Radisson SAS Kyiv (Yaroslavyv Val), the first internationally branded hotel in Ukraine; “A” Class Leonardo Business Centre in Kyiv and a number of other projects in Eastern Europe.


IFU is the Danish Investment Fund for developing countries, promoting trade and industry interests of Denmark in developing countries.


NEFCO (The Nordic Environment Finance Corporation) is an international financial institution established by the Nordic Governments in 1990 with the aim to increase environmental awareness in Eastern and Central Europe by providing financing to projects that reduce emissions harmful to the environment. 


The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and “A2” by Moody’s. For information on BSTDB, visit


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Haroula Christodoulou

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