Ukrgasbank entered into contracts for loans with two Kyiv based hotels of Premier Palace and Dniester.
Dniester applied for UAH 130mln facility comprising almost 61% of the hotel assets to serve as collateral.
The supervisory board of Premier Palace, in its turn, approved its commitment for UAH 980mln (USD 36mln) facility accounting to 160% of the assets of the hotel, according to the information portal of the Securities and Exchange Commission of Ukraine.
Premier Palace started operations in 2004. It is a part of a hotel chain of Premier Hotels and Resorts owned by Premier International LLC (Kyiv). The company manages 18 hotels, that have 2-5 stars rating under brands of Premier Palace Hotels, Premier Hotels, and Premier Compass Hotels located in some 13 cities over Ukraine.
In 2016, Premier Palace Hotel reduced its net losses three times to UAH 193mln in year-on-year terms. As of end Q2/2017, the major shareholder of Premier Palace Hotel was Pumori Enterprises Investments Ltd registered in Cyprus. It held 62% stake at that time. At this, Ukrainian companies of Skhidno-evropeiska Hotelna Kompania LLC (Eastern European Hotel Company) and Hotel complex Rus’ were the other shareholders owning 16% and 12% shares of the Premier Palace Hotel correspondingly.