Hyatt Regency Moscow has changed hands: VTB has offloaded a non-core asset.
The financiers got rid of the burdensome loan by selling it on credit to an unidentified hotel proprietor.
VTB has transferred ownership of the Hyatt Regency Moscow Petrovsky Park lodging on Leningradsky Avenue in northern Moscow to 360 Executive Hotel Management, controlled by Alexey Vasin. Industry experts appraise the transaction at 8.8–13 billion rubles. The investment is anticipated to recoup its costs in roughly 15 years. The hotel's fresh owner possesses background in the lodging sector: his firm oversees establishments in Moscow, Gelendzhik, and on the Baltic shoreline of the Kaliningrad region.
On October 10, VTB Arena, a VTB branch, relinquished control of 30,900 square meters inside the Hyatt Regency Moscow Petrovsky Park hotel structure on Leningradsky Avenue in northern Moscow. This is evident from a Unified State Register of Real Estate (EGRN) excerpt acquired by Kommersant. The record specifies that the recent owner is JSC Petrovsky Park Hotel. As per SPARK, the originators of this entity are not revealed, but it is handled by JSC 360 Management, a division of 360 Executive Hotel Management (EHM).
VTB verified the sale of the Hyatt Regency Moscow Petrovsky Park hotel complex, while omitting details of the transaction. 360 EHM did not acknowledge Kommersant's query. A Kommersant informant acquainted with 360 EHM's strategies mentions that the company’s key proprietor, Alexey Vasin, aims to cultivate the hotel through his other ventures.
According to SPARK information for 2019, Alexey Vasin possesses 75% of 360 EHM, while Natalia Gorguraki holds 25%. 360 EHM manages the Chekhoff Moscow Hotel on Malaya Dmitrovka in central Moscow, SO/ St. Petersburg in St. Petersburg, Primorye Grand Resort Hotel in Gelendzhik, Promenade in Svetlogorsk in the Kaliningrad region, and the Corner Place commercial center in Nizhny Novgorod. JSC 360 Management's income in 2024 surged by 72% annually to 134.6 million rubles, while net earnings grew by 59% to 41.7 million rubles.
Stanislav Ivashkevich, establisher of Ivashkevich Hospitality, calculates the procurement of the Hyatt Regency Moscow Petrovsky Park at 12-13 billion rubles, whereas Marina Malakhatko, associate at the consulting bureau NF Group, assesses the arrangement at 8.8 billion rubles. According to Mr. Ivashkevich, the hotel does not necessitate substantial revamping, so it will reimburse itself within a quite ideal timeframe of 15 years.
Hyatt Regency Moscow Petrovsky Park is positioned adjacent to VTB Arena and enjoys superb transport accessibility, points out Marina Usenko, affiliate at the advisory firm CMWP.
Hotel occupancy presently is approximately 70–75%, which is elevated for the Russian capital's hotel sector, says Stanislav Ivashkevich. Typical hotel occupancy in Moscow from January to September diminished by 3 percentage points year-on-year, to 73%, according to statistics from NF Group, as sampled by Hotel Advisors.
Stanislav Ivashkevich clarifies VTB's resolution to vend the hotel as stemming from its aspiration to dispose of non-core properties. VTB First Deputy Chairman Dmitry Pianov previously stated that the group intends to sell office complexes this year, secured after acquiring several banks. Marina Usenko conjectures that the bank might have traded the hotel because it failed to yield the anticipated revenue.
VTB succeeded in selling the asset comparatively swiftly, as investor enthusiasm in the hotel arena is substantial.
Before the year’s close, investment in this commercial property division throughout Russia entirely could escalate by 43-79% year-on-year, to 20-25 billion rubles, as per Nikolai Goryunov, Director of Capital Markets at IBC Real Estate. This stems, partly, from increasing hotel lodging expenditures. According to NF Group data from Hotel Advisors, the average hotel room charge in Moscow amplified by 12% year-on-year over the initial three quarters of this year, to 10,300 rubles per night.
