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
