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VTB provides financing for Sheraton business centre in Rostov-on-Don

14 September 2012


VTB Bank has opened a $67.1 million seven-year credit line for Megapolis Group to complete the first multifunctional business centre project in Rostov-on-Don.

The 48,800 square metre Sheraton centre will include a 20-storey hotel with 307 rooms (a total of 25,500 square metres), a 10-storey business centre (15,400 square metres of office space available for rent) and a parking lot for 137 cars (7,900 square metres). The hotel will also have several restaurants and bars, conference rooms, fitness and spa centres and other amenities.

"I am confident that the new business centre in Rostov-on-Don will promote the development of local business," said Pavel Kosov, senior vice president at VTB and head of the bank’s development projects department.

"Financing hotel developers is an important area of VTB’s business. The bank focuses on such projects in Moscow as well as other Russian regions. So far this is the largest development project in the Rostov tourism sector," he added. The construction is to be completed in the third quarter of 2014.

For reference:

Megapolis Group is the official developer of the Sheraton project, the first multifunctional business centre in the Rostov Region, a combination of a five-star Sheraton Hotel and a Class A office building.

The new hotel will be the third Sheraton built in Russia, with the chain’s two other hotels located in Moscow — the Sheraton Palace Hotel Moscow and the planned Sheraton Moscow Sheremetyevo Airport Hotel.

VTB Bank, lending

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