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ST.-PETERSBURG HAS SOLD CORINTHIA HOTELS INT. THE SHARE IN THE PROPERTY

				
				
				
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ST.-PETERSBURG HAS SOLD CORINTHIA HOTELS INT. THE SHARE IN THE PROPERTY
HOTEL COMPLEX "NEVA ORIENTAL CARPET".
      St.-Petersburg, on December, 3rd. A/PRIME-TASS/. Committee on management
City property/KUGI/St.-Petersburg has signed the contract about
To sale Corinthia Hotels International/Malta/city shares in
Property complex of hotel "Neva oriental carpet" within the limits of the confirmed
The governor of the scheme of repayment of credit Bank Austria Creditanstalt
In 130 million volume doll, the hotel given out on building. About it
The vice-president of committee has informed on Monday of the PRIME-TASS on
To management of city property/KUGI/St.-Petersburg Alexey
CHichkanov.
     The contract is concluded according to the order of the governor Sankt -
Petersburg in which he has approved the scheme of repayment of the credit.
     As informed before the PRIME-TASS, the bank has granted the loan for a period of 5
Years under guarantees of St.-Petersburg the Executive committee/guarantee certificate
Lensoveta/. Soviet-Austrian joint venture "Hermes" was the addressee of the credit,
Which after several reorganisation in 1999 g has been transformed in
Open Company "Neva oriental carpet".
      As shareholders of Open Company "Neva oriental carpet" act administration Sankt -
Petersburg - 51 percents, Open Company "Hermitage" the/owner of this company -
Sп©я п п п п п?п п  affairs of President RF/-39 percents, ABV Hotel-Invest - 10
Percents
      Property complex of hotel "Neva oriental carpet" now
Than 90 percents / and Open Company "Neva oriental carpet" belong to St.-Petersburg/more.
      According to the confirmed scheme, the Maltese hotel operator
Corinthia Hotels International will get at St.-Petersburg its share
In a property complex of hotel "Neva oriental carpet" also will receive in
The established order on investment conditions / of the right of reconstruction
Houses NN55 and 59 under the Neva prospectus and houses N10 on street Stremjannoj.
      As payment Corinthia will liquidate a debt St.-Petersburg before
Creditanstalt which taking into account penal sanctions makes nearby 150
Million dollars
       The remained share/10 percents / of a property complex of hotel
"The Neva oriental carpet" Corinthia gets at Open Company "Neva oriental carpet".
      The meeting of participants of Open Company 2001 g has approved on September, 25th dogovory on
To this transaction.
      According to the approved scheme, committee on management
City property of St.-Petersburg has concluded with Corinthia the contract about
To sale of a share of a city in the right of the general share property on
Property complex "Neva oriental carpet". The corresponding ground
Sites Corinthia has received in rent for 49 years with prolongation possibility
Term of rent and with the right to redeem the ground areas.
      Earlier the administration of St.-Petersburg carried on negotiations for sale
The share in Open Company "Neva oriental carpet" with company Starwood, the owner
Stamps Sheraton which now operates hotel. Starwood has refused
From hotel acquisition in the property as it contradicts
Concepts of development of business of the company: Starwood is the managing director
The company also has no hotels in the property. After change of the proprietor
"The Neva oriental carpet" Starwood will lose the contract on management of hotel and it
Will cease to belong to network Sheraton.
     Corinthia Hotels International owns or operates 18th hotels
High class on Malta, in Czechia, Turkey, Hungary, Tunis,
Portugal and Gambia. Is a part Corinthia International Group,
Which co-owners along with Maltese family Pizani are
A little Libyan kompanij. - 0 -
//* an information Source: the Prime-TASS (vecher.vyp), 3.12.01
//* Reg. Nom. - 1111200030.59-------------------------------------------