The internationally-renowned Radisson SAS Hotels & Resorts has been recognised by the global financial community which has declared development of the US $30 million Radisson SAS Royal Hotel, St. Petersburg, Russia as 'Deal Of The Year.'
The accolade was announced at the International Hotel Investment Forum in Berlin when the Radisson SAS St. Petersburg project was one of four short-listed in the New Development category.
The St. Petersburg project was a multi-national effort in a joint venture with four equity partners Moskva-Amerika, the US Russia Investment Fund, Ucgen Construction and Radisson SAS, with lending provided by the European Bank of Reconstruction and Development.
"This recognition confirms that this exciting project was a complex, but rewarding deal," said Kurt Ritter, President & CEO, Radisson SAS Hotels & Resorts. "Seven years ago we took the first step as we believed this was a worthwhile investment in a country with great potential. We have already started reaping positive returns."
The award-winning St. Petersburg development, which opened in July last year, is a conversion of an 18th century palace into a five-star, 164-room hotel on Nevsky Prospekt in the heart of the city. The original building was demolished and reconstructed, but its unique faade was preserved in order to maintain the stunning authentic appearance, retaining over 200 years of colourful history.
The hotel adds to the Radisson SAS strategic distribution in Scandinavia, the Baltic countries, Poland and Russia with an increasing portfolio of first-class hotels in operation and under development in Central and Eastern Europe.
Radisson SAS Hotels & Resorts currently operates eight properties in the Middle East and North Africa in Amman, Aqaba, Baku, Istanbul, Kuwait, Manama, Muscat and Sharm-El-Sheikh, Egypt. Three more Egyptian properties, in Hurghada, Taba and Al Quesir are under development.
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