State-owned PrivatBank announced three auctions via the ProZorro.Sale system, scheduled for November 20, with a total starting monthly value of UAH 19 million. According to Forbes Ukraine sources, the next stage may involve the sale of these assets.
The bank is leasing assets obtained in 2016 from previous owners under mortgage agreements. The portfolio includes parts of land plots and ski lifts, buildings of the Radisson Blu Resort, Bukovel, and “Dormitory” hotels, as well as other commercial facilities. These are non-core assets not directly managed by the bank and currently operated by third parties.
The lease term is one year with a possible extension. PrivatBank reserves the right to terminate the contract early in case of delayed payments or a decision to sell the property. Bidders must have proven experience in managing hotel and ski resort operations.
Three lots are being auctioned:
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Lot 1: 10 commercial premises (4,200 sq.m) and 4 land plots — starting price UAH 727,000/month.
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Lot 2: Two hotels and two land plots — starting rent UAH 8.4 million/month.
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Lot 3: 30 land plots (≈100 ha) and 14 ski lifts — starting rent UAH 9.7 million/month.
Among the key assets is the five-star Radisson Blu Resort, Bukovel, featuring 252 rooms, two restaurants, a SPA center, and conference facilities. According to YouControl, the operator “Zirka Bukovelyu” increased revenue by 3% in 2024 (to UAH 434.8 million), though losses rose to UAH 323 million. In 2025, performance improved: revenue reached UAH 384 million (+20%) and profit UAH 173 million, compared to a UAH 240.6 million loss a year earlier.
The bank noted that the auction is being held in compliance with updated legislation. Under the amended Article 650 of the Civil Code of Ukraine (Law No. 4196-IX, effective January 9, 2025), all lease agreements for state and municipal assets must be executed exclusively through electronic auctions.
Experts suggest the most likely bidder will be the current resort operator. Since its founding, Bukovel has been linked to Ihor Kolomoiskyi and Hennadiy Boholiubov’s business through Skorzonera LLC. Following PrivatBank’s nationalization in 2016, part of the assets passed to the state, while others remained with Bukovel LLC, controlled by MP Ihor Palytsia’s family.
The Palytsia group continues to expand the resort — recently opening the Mavka water park and reconstructing the central square. In 2024, the company’s revenue grew by 43.5% to UAH 1 billion, and profit rose by 72% to UAH 103 million. In the first nine months of 2025, revenue reached UAH 1.3 billion, with profit surging nearly fourfold to UAH 318 million.
Analysts believe Palytsia-linked entities are the most probable winners of the auction, as other bidders may face challenges operating assets that depend heavily on Bukovel LLC’s infrastructure and land.
Sources in the banking sector indicate PrivatBank may sell these assets next year. Concorde Capital founder Ihor Mazepa commented: “The Bukovel market is hot right now, with strong demand — a sale could prove more efficient than leasing.”
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