OREANDA-NEWS. June 24, 2013. Raiffeisenbank acted as a Lender for Grand Hotel Europe - a five star deluxe hotel at the centre of St. Petersburg. The hotel is owned by Orient-ExpressHotels Ltd.

Financing in the amount of USD 50 million was provided with a 5-year maturity.  The funds are raised to refinance company’s debts, to cover renovation expenses and to serve group’s internal purposes.

“Hotel business has been developing at high pace for the last few years, especially in the Northern capital that usually hosts lots of tourists. We are honoured to finance such a milestone for the city as Grand Hotel Europe - an integral part of St. Petersburg’s cultural and historical heritage”, said Oksana Panchenko, Head of Corporate Banking and Corporate Finance Directorate, Board Member of ZAO Raiffeisenbank.

Martin O’Grady, Chief Financial Officer, Orient-Express Hotels Ltd. said, “We are pleased to have successfully completed this financing of Grand Hotel Europe, which gives us the opportunity to invest further in the underlying value in this iconic property.  We appreciate the confidence ZAO Raiffeisenbank has shown in our assets and the ability of our operations to deliver a strong return on investment.”