Sovereign Hospitality Holdings is going to invest $1bln to the construction of deluxe hotels in Ukraine, RBC.UA reported Tuesday with the link on the press report of the company. 

 

According to the holding the demand of Kiev for high-end accommodations is only halfly satisfied. There are only six luxury four and five star hotels totaling 1053 rooms in the Ukraine capital today.

 

The assimilation of the Kiev hotel market is the part of the holding’s investment plan for emerging hotel markets of Russia and CIS. The holding is also going to invest $1.5bln to Russia and $1bln to Kazakhstan. Further projects might be financed in Azerbaijan, Tajikistan and Uzbekistan.

 

The holding is going to assimilate the markets through acquisition of the real estate together with purchasing land plots for construction.   The holding usually finances the hotel construction.  Under the management agreement it gives the hotels to international hotel operators. At present the negotiations are held to find the international operators for Ukraine. 

 

"Our objective, with the support of the Kharafi Group, is to expand through strategic acquisitions in Ukraine and worldwide. We have a successful track record and a longterm approach to foster strategic relationships with partners to deliver solid returns through high yield opportunities in both emerging and established markets", commented Mohamed Fahmy, Chief Executive of Sovereign Hospitality Holdings, Ukrainian News reported on July 3.

 

About Sovereign Hospitality Holdings

 

The M.A. Kharafi Group has created an independent hospitality, tourism and real estate investment company based in Geneva, Switzerland under the name of Sovereign Hospitality Holdings. The new company has regional offices in South Africa and Egypt, and has been launched to expand through strategic acquisitions, financing and developing assets in the Hotel, Real Estate and Tourism Industry in Ukraine and worldwide.  

 

Sovereign Hospitality Holdings’ existing portfolio consists of 21 hotels and resorts with over 4000 rooms which it owns and operates in Egypt, South Africa, The Gambia, Syria, Lebanon and Albania.