On November 28, the Antimonopoly Committee of Ukraine (AMCU) officially approved Ola Fine’s acquisition of Hotel Ukraina. Ola Fine, a company owned by Maksym Krippa, secured the deal for UAH 3.01 billion, including VAT. This approval marks a critical step in privatizing one of Kyiv’s most prominent landmarks.
As per Finance News, the ownership transfer will be completed after receiving the Concentration Committee’s formal consent. This decision clears the procedural hurdles for the sale, finalizing a complex privatization process.
Ola Fine now controls the hotel, which spans 26,300 square meters. However, the 1.51-hectare plot beneath the property was not included in the purchase agreement. The AMCU’s decision ensures transparency and legality, setting a standard for similar privatization efforts.
Historic Privatization and Future Plans
The privatization of Hotel Ukraina is notable as the first major property auctioned via Prozorro during wartime. Held on September 18, the auction drew three contenders: Ola Fine, owned by Maksym Krippa; Zhytomyr Furniture Plant, led by Vadym Hryhoriev; and Alarit-Prom, managed by Sergey Spodin. The starting price of UAH 1.047 billion surged to UAH 2.512 billion during the bidding process, with Krippa emerging victorious. Post-war plans for the hotel include extensive renovations.
The privatization terms require maintaining the hotel’s primary function, honoring employee commitments, and settling debts. Situated on Kyiv’s Instytutska Street, Hotel Ukraina is steeped in history, built in the 1950s where the Ginzburg skyscraper once stood. The four-star facility boasts 365 rooms, eight meeting spaces, restaurants, and a spa, making it a cornerstone of Kyiv’s hospitality sector.
A Closer Look at Maksym Krippa
Maksym Krippa, a Ukrainian entrepreneur, is prominent in esports and real estate. His portfolio includes NAVI, Maincast, and GSC Game World, creator of S.T.A.L.K.E.R. Recent years have seen his real estate ventures flourish, including the Parus business center, a Kozyn estate, and now Hotel Ukraina. These investments demonstrate his strategic focus on long-term, impactful projects.
