The winning bid came from the company "Ola Fine," owned by Maksym Krippa. Following the completion of the transaction, the funds from the sale will be directed to the state budget.
Details of the Sale:
Buyer: "Ola Fine," a company specializing in real estate rental and management, acquired the hotel. In 2023, the company reported earnings of UAH 334,000. Maksym Krippa, the owner, already holds notable properties such as the Dnipro hotel on Khreshchatyk and a suburban complex in Koncha-Zaspa, purchased in 2023.
Hotel Overview: The "Ukraine" hotel, prior to its sale, had accumulated over UAH 45 million in debt. This led the Cabinet of Ministers to include it in the list of major privatization objects in April. The hotel boasts six conference halls, meeting rooms, 363 guest rooms, a shelter for up to 50 people, and parking facilities for 80 cars.
Auction and Financial Performance:
Auction Participants: Other companies that participated in the auction included "Alarit-Prom" LLC owned by Serhiy Spodin and "Zhytomyr Furniture Factory" LLC owned by Vadym Grigor'ev.
Financials: In 2023, the hotel's revenue grew by nearly 55%, reaching UAH 32 million, according to data from YouControl. During this period, the hotel's losses were reduced by approximately 58% to UAH 11.1 million. In the first half of 2024, the hotel's income more than doubled to UAH 24.8 million compared to the same period in 2023, while losses decreased fourfold to 1.6 million hryvnias.
This sale is a significant step in the privatization efforts, aiming to transfer key state assets to private ownership, with the expectation of improved management and financial performance.
