Raiffeisenbank acted as a Lender for Grand Hotel Europe - a five star deluxe hotel at the centre of St. Petersburg. The hotel is owned by Orient-ExpressHotels Ltd.
Financing in the amount of USD 50 million was provided with a 5-year maturity. The funds are raised to refinance company’s debts, to cover renovation expenses and to serve group’s internal purposes.
“Hotel business has been developing at high pace for the last few years, especially in the Northern capital that usually hosts lots of tourists. We are honoured to finance such a milestone for the city as Grand Hotel Europe - an integral part of St. Petersburg’s cultural and historical heritage”, said Oksana Panchenko, Head of Corporate Banking and Corporate Finance Directorate, Board Member of ZAO Raiffeisenbank.
Martin O’Grady, Chief Financial Officer, Orient-Express Hotels Ltd. said, “We are pleased to have successfully completed this financing of Grand Hotel Europe, which gives us the opportunity to invest further in the underlying value in this iconic property. We appreciate the confidence ZAO Raiffeisenbank has shown in our assets and the ability of our operations to deliver a strong return on investment.”
Orient-Express Hotels Ltd. is a luxury hotel company and sophisticated adventure travel operator which seeks to deliver memorable experiences that are the ultimate expression of each destination's authentic culture. The Company has offered exceptional luxury travel experiences since 1976, when it purchased Hotel Cipriani in Venice and then shortly thereafter recreated the celebrated Venice Simplon-Orient-Express, linking London, Paris and Venice, along with other European cities. Today the Orient-Express Hotels Ltd. brand embraces 46 hotel, cruise and luxury rail businesses in 22 countries, including distinctive properties such as Hotel Cipriani in Venice, Grand Hotel Europe in St Petersburg, Hotel Ritz Madrid, Mount Nelson Hotel in Cape Town, Copacabana Palace in Rio de Janeiro and Maroma Resort and Spa on Mexico’s Riviera Maya. The Company also operates six luxury tourist trains, three river cruise operations and one of New York’s most iconic restaurants. www.orient-express.com
ZAO Raiffeisenbank is a subsidiary of Raiffeisen Bank International AG. Raiffeisenbank ranks 12th among the Russian banks in terms of assets, based on Q1 2013 results (Interfax-CEA). According to the same Interfax-CEA data, ZAO Raiffeisenbank ranked 5th in terms of liabilities of individuals and 10th with regard to consumer lending.
Raiffeisen Bank International AG (RBI) regards both Austria, where it is a leading corporate and investment bank, and Central and Eastern Europe (CEE) as its home market. In CEE, RBI operates an extensive network of subsidiary banks, leasing companies and a range of other specialised financial service providers in 17 markets. RBI is the only Austrian bank with a presence in both the world's financial centres and in Asia, the group's further geographical area of focus. In total, about 60,000 employees service some 14.2 million customers through more than 3,100 business outlets, the great majority of which are located in CEE. Raiffeisen Bank International is a fully-consolidated subsidiary of Raiffeisen Zentralbank Oesterreich AG (RZB). RZB indirectly owns around 78.5 per cent of the common stock, the remainder is in free float. RBI's shares are listed on the Vienna Stock Exchange. RZB is the central institution of the Austrian Raiffeisen Banking Group, the country's largest banking group, and serves as the group head office of the entire RZB Group, including RBI.