Ukraine Hotel on Maidan to be sold for UAH 1bn
23 February 2024 03:12
The State Property Fund of Ukraine has valued the Ukraina Hotel in the centre of Kyiv at one billion hryvnias and plans to put the building up for sale in the summer. The head of the SPFU, Vitaliy Koval, said this in an interview with Mind.ua, according to the publication 
“We have already completed the valuation of the hotel, which is UAH 1.04 billion excluding VAT. We are now preparing for the auction, which we plan to hold in late summer – perhaps even in the third quarter,”
– the official said.
The hotel has over UAH 45 million in debt. However, it is now functioning better than it was a year ago, and the building is of interest to shareholders, Koval assures.
“Occupancy and income are slightly higher, and conferences have begun to be actively held there (at least 15 events a month). We want to present this hotel as an interesting property to multinational chains. There is interest from the market, including from foreign operators who are already requesting technical information about it. Moreover, foreigners see this hotel as a promising “five-star” hotel (it currently has 4 stars),”
– said the head of the SPFU.
The Head of the Fund says that the SPFU currently manages 2.3 thousand enterprises. Of these, about 700 have been inactive for more than three to five years, meaning they exist only on paper. Koval says they should be liquidated or sold in the process of liquidation.
The official argues that it is better to sell unprofitable assets for a guaranteed amount at a transparent auction and use the money to buy weapons rather than wait for a favourable moment.
It should be noted that the privatisation of the Ukraina Hotel in the centre of Kyiv was announced by the Head of the State Property Fund in January 2024.
What we know about the Ukraina Hotel
The four-star Ukraina Hotel (formerly known as Moskva until 2001) is located at 4 Instytutska Street in the centre of Kyiv. It used to be subordinated to the State Administration of Affairs.
At the end of December 2021, the State Enterprise “Hotel Ukraina” (Kyiv) was transferred from the State Administration of Affairs to the Ministry of Infrastructure. The relevant decree No. 677/2021 was signed by President Volodymyr Zelenskyy.
the 14-storey building was built on the site of the Ginzburg Skyscraper, a multi-storey apartment building owned by the “king of contractors” Lev Ginzburg. At one time, the hotel was one of the tallest skyscrapers in modern Ukraine.
The hotel offers more than 300 rooms of various categories: business suite, deluxe, superior standard, standard, economy, exclusive rooms (executive suite and duplex). The hotel has two restaurants of 94 and 450 sq m with a capacity of 30 to 160 people, and two banquet halls of 21 and 46 sq m with a capacity of up to 12 people.
