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Business news from Ukraine

PREMIER HOTELS AND RESORTS WANTS TO BUILD APARTMENT HOTEL IN BUKOVEL IN Q1 2019

Premier Hotels and Resorts (Kyiv) plans to finish construction a five-star apartment hotel near the Bukovel tourist complex (Ivano-Frankivsk region) by early 2019.

The company told Interfax-Ukraine that the apartment hotel will be opened under the Premier Resort Hotel brand. It would have 130 rooms with an area starting from 25 square meters.

The construction of the hotel was started in April 2017. The area of a land parcel is 0.25 ha and the gross area of the hotel is 7,054 square meters.

LevDevelopment (Lviv) is the developer and constructor of the project, while investors are individuals. Premier Hotels and Resorts will manage the hotel.

According to the company’s information, as of December 18, 2017, 30% of apartments have been sold. The cost of one square meter starts from $2,300 (taking into account decorations, furniture and household appliances).

Premier Hotels and Resorts (Premier International LLC, Kyiv) is composed of 17 hotels under the Premier Palace Hotels, Premier Hotels and Premier Compass Hotels brands. The hotels are located in Kyiv, Kharkiv, Dnipro, Lviv, Odesa, Poltava, Sumy, Kherson, Donetsk, Pochayiv, Mukachevo (Zakarpattia region), Oleksandria (Kirovohrad region) and Starovoitove (Volyn region).

According to the unified register of companies and individual businessmen, as of December 18, 2017, the founder and head of the company is Iryna Sidletska.

METINVEST SEES 39% RISE IN EBITDA IN JAN-SEPT

Metinvest B.V. (the Netherlands), the parent company of the Metinvest mining and metal group, increased consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) by 39% in January-September 2017 year-over-year, to $1.373 billion.

According to a trading update published by the company, its revenue grew by 36%, to $6.222 billion, capital investment – by 55%, to $308 million and margin did not change, being 22%.

Metinvest said that since early 2017 the company managed to reduce total debt by 2%, to $2.909 billion, boosting cash and cash equivalents by 30%, to $293 million.

Metinvest Group’s principal shareholders are System Capital Management with 71.24% and Smart-Holding with 23.76%.

IKEA MAY OPEN FIRST OUTLET IN KYIV WITHIN TWO YEARS – STATEMENT

Swedish-based chain IKEA is mulling over entering the Ukrainian market and may open its first outlet in Kyiv in the next two years, the company said in an official statement.

At the moment, IKEA is looking for the most acceptable business model that would allow the implementation of plans in Kyiv within the next one or two years. A decision on further steps will be taken based on the results of market research and preferences of Ukrainian consumers, the document says.

IKEA South East Europe, which is part of the IKEA Group (Ingka Holding B.V.), could be engaged in the development of the chain in Ukraine. The company is engaged in retail business of IKEA in Croatia, Serbia, Romania, and Slovenia.