BSTDB Financing to Improve Hotel Market in Ukraine
Press Release | 10-Jan-2018
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, Türkiye, 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 www.bstdb.org.
Press contact:
Haroula
Christodoulou
Phone:
+30 2310 290533
E-mail:
cchristodoulou@bstdb.org