The International investment and development company in the sphere of hotel and tourism business Sovereign Hospitality Holdings will invest $1,5 bln into Russian hotel business.  

The company is also planning to come onto markets of Kazakhstan, Ukraine, Tajikistan and Azerbaijan.  The amount of investment to every country will be defined when the agreements with the partners are signed.

 

The company doesn’t exclude the investment into Russia will exceed $1.5 bln.  The same amount will be invested to Ukraine and Kazakhstan.  By the end of 2008 the total investments will be assessed.

 

The company considers managing of hotels, construction of new hotels and purchasing hotel properties.   

 
Sovereign Hospitality Holdings is a part of M.A Kharafi Group with $4 bln annual turnover. The group is working in 25 countries of the world. The portfolio of Sovereign Hospitality Holdings includes 21 hotels, resorts totaling 4000 rooms owned and managed by the company in Egypt, South Africa, Gambia, Syria, Lebanon and Albania. 

 

The construction of the projects in Libya, Senegal, Ethiopia and Mauritania is underway.

 

In the next three years 11 hotel projects are expected to be implemented by the company. The total amount of hotel rooms will be extended by 1800 and account for 5800. By 2010 the portfolio of Sovereign Hospitality Holdings will include 32 properties in 10 countries of the world.  

Source: www.cre.ru