Ukrainian hospitality operator Ribas Hotels Group has acquired a hotel on the Karolino-Buhaz Spit in the Odesa Region and will invest approximately UAH 150 million in its reconstruction, with plans to complete the works and open the property before the 2027 summer season. The hotel acquisition was completed in June 2026, and reconstruction is currently underway, with the company estimating that the works will take approximately nine months.
Following the renovation, the hotel will operate under the working name Ribas Bugaz. The property will feature 66 rooms, as well as a restaurant, beach club and its own beachfront area on the first line. Ribas Hotels Group is financing the project with its own funds, while after opening the hotel will be operated by the group’s management division, Ribas Hotels Management.
“We are deliberately investing our own funds in the development of the Odesa Region right now, during the war, when the region is being targeted by enemy ballistic missiles and drones. We believe in the prospects of this destination and in the recovery of coastal tourism,” said Ribas Hotels Group founder Artur Lupashko. According to him, the company does not plan to sell the hotel after the reconstruction is completed. “This is not a development project intended for sale — we will retain the hotel under our own management and develop it as part of the network,” Lupashko said.
Ribas Hotels Group considers investment in the Odesa Region promising, particularly due to continued strong demand for leisure travel in the region. According to a survey conducted in May 2026, Odesa and the Black Sea coast remain the most popular summer holiday destination among Ukrainians. This option was considered by 69.8% of respondents, exceeding the share of those choosing holidays in the Carpathians.
The company is also recording stronger demand across its own portfolio. Over the past year, the number of bookings at Ribas Hotels Group properties in the Odesa Region increased by 14%, while the average daily room rate (ADR) rose by 27%. According to the company, this represents the strongest growth among all destinations represented in its hotel network.
At the same time, the Odesa Region remains one of the most challenging areas in Ukraine for the implementation of new hotel projects. According to analytics from Ribas Hotels Group and Ribas Invest, only around 18% of announced hotel projects in the region have been completed. Approximately 70% of announced properties remain on hold due to high insurance risks and difficulties in attracting foreign financing.
Despite this, hotel construction and development in the region continue, primarily supported by Ukrainian private capital, which is less dependent on bank financing and external investment restrictions. Ribas Hotels Group includes the acquisition and subsequent reconstruction of the hotel on the Karolino-Buhaz Spit among such projects.
Ribas Hotels Group was founded in Odesa in 2014 and operates as a full-cycle hospitality management company, providing services ranging from site selection and design to construction, management, franchising and investment. The group’s current portfolio includes 56 projects at various stages of development or operation in Ukraine, Poland, Turkey and Bali. The total room inventory of properties managed by the operator exceeds 1,000 rooms.
The investment in Ribas Bugaz will allow the company to expand its presence in the resort real estate market of the Odesa Region and position itself for the continued recovery of tourism demand along Ukraine’s Black Sea coast.
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