Businessman Maksym Krippa is continuing the modernisation of Hotel Ukraine in Kyiv, which he acquired at a privatisation auction in 2024 for nearly UAH 3 billion. More than UAH 100 million is expected to be invested in upgrading the hotel in 2026, while a comprehensive reconstruction of the property is planned to begin after the war ends.
According to the businessman’s press service, when the hotel was transferred into private ownership, the building required extensive modernisation of its engineering systems, room inventory, and operational processes. Since then, furniture and equipment in some rooms have been replaced, while selected utility networks and fire safety systems have been upgraded. More than UAH 5 million was also allocated to address the consequences of the Russian strike on 24 May, which damaged the building’s façade, windows, several rooms, and engineering infrastructure.
The owner is currently preparing the property for a large-scale reconstruction, although the final project concept has not yet been approved. According to Maksym Krippa, implementing a project of this scale requires a stable security environment and more predictable economic conditions.
Despite ongoing investment, the project remains loss-making at this stage. Ola Fine, the company through which Krippa owns the hotel and provides hospitality services, ended 2025 with revenue of UAH 88.7 million and a loss of UAH 111.2 million. The company explained that the negative financial result was primarily attributable to reconstruction and renovation expenses, which are investment-related and do not reflect the property’s operating efficiency.
At the same time, current operating indicators are showing positive momentum. According to YouControl, Ola Fine’s revenue increased by almost 2.5 times year on year in the first quarter of 2026, reaching approximately UAH 32 million. The press service also reported growth in the average room rate and hotel occupancy, while occupancy of the available room inventory reached 100% in May.
Experts estimate that the project’s further investment requirements will amount to tens of millions of dollars. According to Volodymyr Kolos, Managing Partner at CCG Development, a comprehensive modernisation of the hotel while retaining its four-star category could require USD 35–45 million, including VAT. If the property is converted into a five-star hotel operated by an international brand, the required investment could increase to USD 55–75 million. In that case, part of the room inventory may be reduced in favour of larger rooms, suites, and additional hotel infrastructure.
