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Chinese Businessmen Eye Luxurious Five-Star Hotel in Russia's Vladivostok

© Sputnik / Vitaliy Ankov / Go to the photo bankThe Hyatt Regency Vladivostok five-star hotel under construction on the Burny cape in Vladivostok. (File)
The Hyatt Regency Vladivostok five-star hotel under construction on the Burny cape in Vladivostok. (File) - Sputnik International
The five-star hotel "Hyatt Burny Vladivostok," located in Russia's Far East near the border with China, will be sold in an auction scheduled for June 8. Chinese companies are said to be most likely potential buyers of the property object.

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Hyatt Burny Vladivostok is one of two five-star Hyatt hotels in Vladivostok whose construction began the building of which started in the wake of APEC Summit 2012. However, the construction works financed from the federal budget have not been completed.

Last year, the local authorities decided to sell one of the hotels and finish the construction of the other five-star giant, the Hyatt Regency Vladivostok, with the budget money.

Hyatt Burny Vladivostok is located at Cape Burny, in a quiet area, but only 10 minutes away from downtown. The location is convenient both for business and recreational tourism. The hotel consists of 216 rooms and a vast spa complex with a total area of 2,600m2.

According to CEO of the Russian auction house Andrey Stepanenko, the hotel is almost finished. The object is well preserved and is being kept in good condition, he said in an interview with Sputnik.

He also noted that the starting price of the object has not yet been defined.

"The assessment of the [market value] of the object is being made by Ernst & Young — one of the "Big Four" consulting companies. We hope to receive its report in the coming month. Then we will know more about the starting price," Stepanenko said.

In the expert's opinion, finding a buyer shouldn't be a problem.

"Vladivostok is lacking good hotels. There is a boom in business activity in the city and in the Far East region in general. However, businessmen who come to the region simply have no place to live in. Vladivostok, with its population of over 600,000, has only one five-star hotel — the Hyundai. The hotel complex at Cape Burny will be able to fill the vacant niche," Stepanenko noted.

According to the expert, Chinese companies are expected to take part in the auction as they have repeatedly expressed their interest in the object. Other potential buyers could be investors from South Korea, who continue their search for profitable assets in Russia.

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