Forbes named the source of funding Hotiny buying a hotel “Moscow”

Belarusian businessmen Alexey and Yuri Hominy, which owns the shopping center “Gorbushkin yard”, was able to buy the structures of billionaire Suleiman Kerimov hotel complex “Moscow” at the expense of the loan obtained by the group VTB, Forbes reported citing a source close to the Bank and Kutinym.

The source said that for the loan the business was laid in VTB existing properties, but did not specify which ones. The Bank “Ugra”, controlled by Alexei Khotin, declined to comment. In a press-service VTB said that will not comment on Hominem loan on purchase “Moscow”.

That Suleiman Kerimov sold Alex and Yuri Hominem five-star hotel “Moscow” located near red square, with reference to the sources reported in October. One of the sources said that Hotiny bought the hotel, without bargaining. The transaction amount was not disclosed. The agreement was cash-strapped, Kerimov “traded” “Moscow” to help Hotiny in the development of other assets, said one of the interlocutors .

Evaluation of “Moscow” will exceed 10 billion rubles (about $160 million at the exchange rate on October 19), said then head of capital markets at Colliers International Stanislav Bibik. If not for the crisis, the cost of the hotel could be $450 million, was praised by the head of Department of hospitality and tourism Cushman & Wakefield Marina Smirnova. Two sources told Forbes that the valuation of the entire hotel complex, consisting of Four Seasons Hotel Moscow, the gallery “Fashion season” and the apartments could reach $1 billion.

In August 2015 Hotiny purchased from Suleiman Kerimov gallery “Fashion season”, which was estimated at $350 million Forbes in 2016 put Alexei and Yuri Hotiny to eighth place in the ranking of the “Kings of Russian real estate”, assessing their rental income to $325 million.

Hotel “Moscow” was built in the center of the capital in the mid 1930-ies. In 2004, Yuri Luzhkov, then held the post of the mayor of Moscow decided to demolish it and build in its place a modern building, preserving the architectural appearance. Rebuilt the hotel earned in 2014 under the brand name Four Seasons Hotel Moscow.