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France’s Accor hotel operator has signed an agreement with Universal Investment Group, according to which the companies are to build 25 Etap two-star hotels with 2,800 rooms in Ukraine by 2012. "As the owner of buildings and land plots, Universal Investment Group will develop, finance and build hotels worth EUR 100 million," reads a press release of Accor.
According to the press service, hotels from 80 to 100 rooms will be opened in large cities, in particular, in Kyiv, Kharkiv, Dnipropetrovsk, Odesa, Donetsk and Lviv.
"The hotels will be under the management of a joint company created by Universal Investment Group and Accor according to an agreement on leasing, which could be changed. Accor will own a 50%+1 share stake in the managing company," reads the release.
The head of the project of UDC Holding, which is part of Universal Investment Group, Volodymyr Harazd, told Interfax-Ukraine that the Etar hotels would be located mainly at filling stations of Galnaftogaz, which is part of Universal Investment Group. "We’re building at our filling stations. We have the land. In addition, hotels in Kyiv will be located in other places," he said. He said that first four hotels under the Etar brand would be built in Kyiv, Lviv, Kharkiv and Odesa.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
