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A change of ownership at Moscow’s elite Ritz-Carlton Hotel

Hotel Ownership Castling 


Kazakh developer Capital Partners has reportedly sold its luxury hotel, The Ritz-Carlton, Moscow, for about $700mln, according to sources close to the deal, to another Kazakh investment company, Verny Capital. The buyer is affiliated with Bulat Utemuratov, a billionaire and former head of the Kazakh presidential affairs department. 

Capital Partners developed The Ritz-Carlton Hotel with 334 rooms, which was opened in place of the demolished Intourist Hotel in 2007. After this deal, other key Russian assets still belonging to Capital Partners, founded in Kazakhstan in 1996, include a stake in the Moscow-based Metropolis multifunctional complex and two logistics parks in Pushkin and Domodedovo in the Moscow Region.