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«    June 2018    »

Son of ex-Head of Russian Railways to invest €150m in hotel construction in Italy

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Son of ex-Head of Russian Railways to invest €150m in hotel construction in Italy

VIY Greater Europe Hospitality Fund plans to invest over €150m in reconstruction of the medieval Antognolla manor located in the Italian region of Umbria, reports Vedomosti on Friday citing the Fund’s representative.

Representative of Venture Investments & Yield Management (VIYM), which runs the Fund, explained that the Fund had acquired a majority stake in the company engaged in manors’ reconstruction.

According to the data, available on VIYM website, one of the company’s founders is Andrey Yakunin, the son of the former president of the Russian Railways.

Son of ex-Head of Russian Railways to invest €150m in hotel construction in Italy

Information provided in the report for year 2015, cited by the edition, shows that the Fund acquired 12,5% of stakes in the company owning the reconstruction project. The deal is estimated at €10,7 m. Reconstruction of a mansion with a castle of XI century implies its renovation and upgrading. A golf course with a spa complex, swimming pools, tennis courts, conference centers and restaurants are planned to be erected in the area of 560 hectares.

Besides of that, the Fund intends to invest in construction of a five-star hotel for 76 rooms and a residential compound for 77 households, which will be run by an international operator.

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