|International Hotel Investment Forum (IHIF) Recognizes Radisson SAS
in St. Petersburg With “Deal of the Year” Brussels, April 2002... Radisson
SAS’ new MEUR 34.5 (approx. $30.4 million USD) development in the heart
of St. Petersburg, Russia, was recognized by the global financial community
as the “Deal of the Year” at the International Hotel Investment Forum (IHIF)
in Berlin, March 19-21, 2002.
The deal was one of four short-listed in the New Development category,
which also included The Lowry Hotel in Manchester, Hilton at Copenhagen
Airport and Hilton Trafalgar in London.
The hotel adds to Radisson SAS’ strategic distribution in Scandinavia,
the Baltic countries, Poland and Russia with an increasing portfolio of
first-class hotels in operation and under development in Central and Eastern
|Radisson SAS’ award-winning new development
is a conversion of an 18th-century palace into the five-star, 164-room
Radisson SAS Royal Hotel on Nevsky Prospect in the heart of St. Petersburg,
which opened in July 2001. The original building was demolished and reconstructed,
but its façade was preserved, retaining over 200 years of history.
The project was a multi-national effort in a joint venture with the
four equity partners Moskva-Amerika, the US Russia Investment Fund, Ucgen
Construction and Radisson SAS, with lending provided by the European Bank
of Reconstruction & Development.
Kurt Ritter, President & CEO, who received the award on behalf of
Radisson SAS Hotels & Resorts and all partners involved said, “The
recognition of this exciting project confirms that this was a complex but
rewarding deal. Seven years ago we took the first step, as we firmly believed
this was a worthwhile investment in a country with great potential. We
have already started reaping the positive returns. We are now extremely
proud of this flagship hotel in this fascinating city, and we thank the
industry experts who recognized our pioneering efforts in this region.”
Radisson SAS Hotels & Resorts currently includes 147 hotels in operation
and under development in 37 countries, including four hotels in Russia
in St. Petersburg, Moscow and Sochi. ). For reservations or information,
1-800-333-3333. Visit us at http://www.radissonsas.com