Sistema to buy 10 Radisson, Olympia Garden hotels in Russia

MOSCOW, Feb 1 (PRIME) -- Cosmos Hotel Group, a subsidiary of multi-industry holding company Sistema, has signed a binding agreement to buy 10 Park Inn by Radisson, Radisson Blu, Olympia Garden, and Radisson Blu Royal hotels in Russia from Wenaas Hotel Russia, Sistema said in a statement on Wednesday.

The deal can amount to 203 million euros depending on the cash balances of the companies that own the hotels and that Cosmos Hotel Group is buying from Wenaas Hotel Russia.

The company expects to close the deal until the end of March following all the regulatory approvals. The deal will be funded with own and borrowed funds, Sistema said.

The acquisition would allow Cosmos Hotel Group to double its hotel room stock, which should exceed 9,500 rooms in 2023, the holding company said quoting Cosmos Hotel Group President Alexander Biba.

Wenaas Hotel Russia comprises six hotels in St. Petersburg, two hotels in Moscow, one hotel in Murmansk, and one in Yekaterinburg.

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