Umaco buys Eurolux hotel in Moscow

Russian hotel operator Umaco has completed the acquisition of the Eurolux hotel complex in central Moscow from a consortium of private investors. The companies agreed not to disclose the financial details. The three-star hotel asset is currently under refurbishment and is expected to re-open by the end of the spring 2010 under the name of Katerina Park.

Located in one of the greenest areas in the south of Moscow, the 12-storey property includes 260 rooms, a bar and a restaurant. Umaco said that it plans to extend the property with the construction of a new congress centre with space for up to 1,500 persons. The extension works are due for completion in the autumn of 2010.

'We are pleased to add the second Katerina location in Moscow to our brand,' said Katerina Kronstedt, managing director of Umaco. 'Katerina Park will significantly enhance the possibilities of the Katerina brand name for our guests, not only by increasing accommodation facilities in our hotels, but most importantly, by providing new, innovative proposals in the Russian hospitality industry'.

This week, Umaco also unveiled plans to introduce two new hotel brands, Katerina Inn and Katerina City, with an expected investment of $300 mln (EUR 219 mln).