IHI form a strategic partnership with Intourist for the development and management of upscale hotels in the Russian Federation

May 26, 2008
|In Company Announcements
|By Jesmond Mizzi Financial Advisors

IHI form a strategic partnership with Intourist for the development and management of upscale hotels in the Russian Federation

International Hotel Investments p.l.c. (IHI) and OAO VAO Intourist (Intourist) of Russia announce an agreement to jointly develop and invest in hotels in the four and five star categories across the Russian Federation.  Through this agreement which will come into force once regulatory and other procedures are completed, IHI and Intourist have agreed to join forces and establish an equally-owned investment fund, initially capitalised with US$100,000,000, to originate, develop and invest in four and five star hotels in major cities across the Russian Federation, including Moscow.  Intourist, forms part of the London-listed Sistema JSFC, one of Russia’s leading conglomerates with investments worldwide, principally in the technology sectors.

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