Russian hotelier targets Europe

Source/Contact: EGi, 09/04/2008

Russian investor Alexander Klyachin’s company Central European Hotel Investment (CEHI) has bought European operator Austrian Hotel Company (AHC) as a launch pad for expansion across the Continent.  CEHI will expand its Russian AZIMUT hotel brand into Europe and opening around 1,161 rooms across four European cities by 2010.  The acquisition comprises 20 hotels in 17 cities across Austria, Germany and the Czech Republic, totalling 1,875 rooms.  The AZIMUT chain has a portfolio of 3,000 rooms and hotels in seven cities across Russia.