Warimpex Finanz- und Beteiligungs AG has successfully reached an agreement with Sberbank on the refinancing of a 37 million credit line for two hotels in Ekaterinburg (the four-star angelo Airporthotel Ekaterinburg and the three-star Liner Hotel Ekaterinburg).
This is Warimpex's first refinancing agreement with a Russian bank for one of its Russian projects and will have a positive effect on Warimpex's financing structure, as a short-term liability for the project with an original term until September 2013 has been converted into a long-term liability for the completed asset payable within the next ten years.
Information on angelo Airporthotel and Liner Hotel at Ekaterinburg International Airport:
The angelo Airporthotel was opened in 2009. It has a direct connection to the passenger terminal of Ekaterinburg International Airport, the main hub situated between Europe and Asia, and has a total of 211 sound-insulated rooms and suites. The increasing number of passengers from Russia and abroad can also make use of a 1,344 m² conference center with twelve conference rooms and state-of-the-art technical equipment.
While the angelo Airporthotel was newly built, the 146 room Liner Hotel, which has been in operation at the airport since 1986, was renovated and converted into an international-standard three-star hotel. The revenues of the two hotels increased significantly over the last two years.