23rd Dec 2016 10:15
LONDON (Alliance News) - Russian property company AFI Development PLC on Friday said its AFI Development Hotels Ltd unit has agreed to buy the rest of the Plaza Spa Kislovodsk project.
AFI will pay USD6.5 million in cash to buy the stake from its partners on the project, Nuana Ltd and Craespon Management Ltd, and will repay the loans secured on the project, totalling USD16.0 million.
After the deal, AFI will own the entire project, an operating spa resort hotel in the Caucasian mineral waters region of Russia, in the town of Kislovodsk. It has 275 guest rooms.
AFI expects the deal to complete by the end of February 2017.
Shares in AFI were down 2.4% to USD0.1525 on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
AFRB.L