Russian Chain AZIMUT Hotels Enters European Market
APRIL 15, 2008. Central European Hotel Investment company (CEHI) a company owned by the Russian investor Alexander Klyachin, has acquired European operator Austrian Hotel Company (AHC) giving the investment firm its first hotels foothold in Europe and the opportunity to expand its 'AZIMUT Hotels' brand into the region.
The acquisition comprises of twenty 3-4 star hotels located in 17 cities in three EU countries (Austria, Germany and Czech Republic) totalling 1,875 rooms.
CEHI initially appointed Jones Lang LaSalle Hotels to source a suitable European hotel firm for possible acquisition. Once this was completed, the Jones Lang LaSalle Hotels team provided additional valuation and transactional consultancy working alongside leading German law firm Beiten Burkhardt who provided legal support.
Hamilton Hotel Partners, the company providing strategic consulting services to CEHI's AZIMUT Hotels brand, has been appointed as management company for the newly purchased chain. Between 2008 and 2010, CEHI plans to open AZIMUT hotels with total room stock 1,161 rooms across four European countries. Planning for future expansion will be agreed by a newly formed joint advisory board which includes both CEHI and AZIMUT Hotels.
Marina Usenko, Senior Vice President of Jones Lang LaSalle Hotels in Moscow commented: 'This is an excellent opportunity for Azimut to enter the European market. AHC's small, asset-light hotel chain of predominantly 3-4 star categories was a perfect fit for CEHI's requirement, and provides them with the most resilient type of product in any market environment within Central and Eastern Europe.'
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