UDC Holding and French-based Louvre Hotels to create chain of low-cost Premiere Classe hotels in Ukraine
27 May 2011
UDC Holding, part of the Universal Investment Group (UIG, both based in Kyiv) is planning jointly with French-based hotel operator Louvre Hotels&Golden Tulip to create a chain of 25 one-star hotels under the Premiere Classe brand in Ukraine, according to UDC Holding.
According to a company presentation prepared for the seventh annual Ukrainian Investment Summit organized by the Adam Smith Institute held in London on May 16-18, the investment in the project to create a chain with a total of 3,138 rooms, which is to be realized in 2011-2013, is estimated at $99.4 million.
UDC Holding Director General Leonid Bohdanov told Interfax-Ukraine that more detailed information on the development of the Premiere Classe chain would be announced later.
As reported, in late 2010 Louvre Hotels&Golden Tulip and UDC Holding announced plans to create a chain of six three-star Campanile hotels in Ukraine over a period of two years. Investment in the project was estimated at EUR 54 million.