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Meinninger Hotels and VIYM form partnership in Russia

German hotel group Meinninger Hotels and private equity firm VIYM have signed a management agreement which will see Meinninger open its first hotel-hostel hybrid in Russia, as part of VIYM’s Nikolskiye Ryady development in Saint Petersburg.

The overall cost of the Nikolskiye Ryady project, including both hotel properties – the Meinninger Hotel and Holiday Inn Express – is expected to be around USD50 million.
The hotel-hostel hybrid will have 158 rooms, with a total area of 7,300 sq m. The operator is already participating in the drafting of construction blueprints, to ensure that the new property is built in accordance with international quality standards. Upon completion, it will be the first budget hotel managed by an international operator in Russia.
Hannes Spanring, CEO of Meinninger Hotels, says: “With our first hotel in Russia, Meinninger once again enters a new market. Saint Petersburg is the second largest city in Russia, and this diverse and interesting metropolis is continuously evolving. It is the second largest economic and financial centre in the country, one of Russia’s largest scientific and educational centres, as well as an international centre for culture and tourism. I’m happy that Meinninger is becoming a part of this attractive city.”
VIYM’s co-founder Andrey Yakunin says: “We see that St Petersburg has again been voted the number one destination in Europe. However we are also witnessing a significant shift in the structure of the demand, with low-budget accommodation steadily growing and out-performing other segments. Growth in international independent travellers, the international operated airport in St Petersburg and the increasingly active development of domestic tourism are just a few of the factors underlying this trend, while the approaching FIFA 2018 World Cup should also not be ignored. We at VIYM are continually seeking to introduce new hospitality products to Russia and work together with the leading European and international players for them to enter this vibrant and exciting, yet complicated, market.”

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