EBRD is expected to contribute €33.7 million towards the €98.5 million that Russian Hotel Investment (RHI) needs to execute its plans to develop five hotels in Russia. (European Bank for Reconstruction and Development)

Of that contribution, €27.1 million would be a loan to four subsidiaries of RHI, and the remainder an equity investment in RHI.

The hotels, which are destined for the cities of Samara, Krasnoyarsk, Kaliningrad and Yaroslavl, will share a total of 897 rooms and will be managed by Accor under the Ibis and Novotel brands.

It was reported last week that the International Finance Corporation was loaning €27.5 million and investing €2.5 million in RHI.

Netherlands-based RHI is owned by the Turkish conglomerate Akfen Holding and its compatriots the Kayi Group and Insa Group.

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