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Slovak J&T Group buys 75% of hotel Baltschug Kempinski Moscow

MOSCOW, May 14 (RIA Novosti) - The Slovakian financial group J&T bought in April a 75% stake in the company that owns the Baltschug Kempinski hotel, located near Moscow's Kremlin, a J&T Group founder and managing partner said on Wednesday.

The sum has not been disclosed.

Under the deal, the J&T Group will also sponsor the modernization of the Baltschug Kempinski hotel, Patrik Tkac said. He also predicted that the hotel would be worth 5 billion rubles ($210.8 million) after reconstruction.

Baltschug Managing Director Gianni van Daalen said reconstruction was due to begin in the winter of 2008-2009 and would cost around 30 million euros.

"The reconstruction is likely to take three years. Hotel rooms will be modernized first, to be followed by public areas and spa and fitness facilities," the hotel chief said.

He added that the hotel would not be closed for the duration of the reconstruction.

The J&T Group is also eyeing other assets in Moscow, and has already launched other projects in Russia.

"We plan to open a four-star boutique hotel on Kadashevskaya Naberezhnaya [street] in Moscow," Tkac said.

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