Businessman Krippa to privatize Hotel Ukraine for $60 million: auction results
On September 18, the State Property Fund of Ukraine conducted an auction for the privatization of Hotel Ukraine on Independence Square in Kyiv, selling it for 2.51 billion hryvnias ($60.4 million) with a starting price of 1.05 billion hryvnias ($25.3 million).
The auction took place on the Prozorro.Sales platform. The hotel attracted three potential buyers.
The winning bid came from Ola Fine LLC, owned by Maksym Krippa. In 2023, Ola Fine purchased the Parus trade and office center at 2 Mechnikova Street in central Kyiv.
Other bidders came in much lower: Zhytomyr Furniture Factory LLC, owned by Vadym Hryhoriev, placed a bid of 1.46 billion hryvnias ($35.2 million), while Serhiy Spodin’s Alarit-Prom LLC offered 1.16 billion hryvnias ($27.9 million).
The four-star Hotel Ukraine (formerly Hotel Moscow until 2001) is located at 4 Instytutska Street. The 14-story building was constructed on the site of the Ginzburg skyscraper, a multi-story apartment building owned by Lev Ginzburg, known as the "king of contractors." At one time, the hotel was one of the tallest skyscrapers in modern Ukraine.
The hotel offers over 300 rooms of various categories: business suite, suite, improved standard, standard, economy, and exclusive rooms (executive suite and duplex). The hotel features two restaurants with areas of 94 and 450 square meters, capable of serving 30 to 160 people, as well as two banquet halls of 21 and 46 square meters that can accommodate up to 12 people.
Hotel Ukraine is the first large-scale privatization object to be sold during the full-scale war.
