Yakunin Jr. sells hotel business in Europe and Russia 

Yakunin Jr. sells hotel business in Europe and Russia
Andrey Yakunin

The foundation of the Russian Railways ex-president’s son sells 51% at the 4-star hotel Radisson Blu overlooking Schönbrunn Castle in Austria.

The foundation of the Russian Railways ex-president’s son sells 51% at the 4-star hotel Radisson Blu overlooking Schönbrunn Castle in Austria.

VIY Greater Europe Hospitality Fund managed by VIY Management company of Andrey Yakunin, the son of former Railways President Vladimir Yakunin, sells its stake in the 4-star Radisson Blu Park Royal Palace Hotel near Schönbrunn Castle, located in the western part of Vienna. According to RBC with reference to Dmitry Shitsle, the VIY Management partner, there are several potential buyers, the transaction will be closed in the first quarter of 2019. He did not specify the names of the buyers and the possible amount of the transaction. “We decided to sell this asset, since the investment phase of the project is over. Our task is to buy assets, increase their value and exit,” Shitsle notes.

Radisson blue

Yakunin Jr. structure became co-owners of the hotel in 2013. Then he bore the name of Austria Trend Park Royal Palace Hotel. 51% of the hotel was purchased for 20.5 million euros. Now experts estimate the cost of the hotel at 60 million euros. Thus, the fund can earn at least 30 million euros for its share.

The structures of Andrey Yakunin reduced their share to 37% in another hotel project in the Italian Umbria. VIC Greater Europe Hospitality Fund SICAV-SIF sold 10% in a company for 13.5 million euros to an unnamed third party that is building the 5-star Antognolla Luxury Resort and Residences. Now the whole project can be estimated already at 135 million euros. In addition to hotel projects in Austria and Italy, there are also Hard Rock Hotel in Davos, Switzerland, and two facilities in St. Petersburg — the Nikolskye Ryady complex with the Holiday Inn Express hotel and the Meininger hostel and the Four Seasons Lion Palace hotel - under the direction of Andrey Yakunin’s structures.

In 2016, VIY Management sold its Regional hotel chain for 6.6 billion rubles. The buyer was AFK Sistema of Vladimir Yevtushenkov. The hotel chain consisted of eight sites in the regions and the capital Marriott Courtyard Moscow Paveletskaya.

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