The Antimonopoly Committee of Ukraine (AMCU) has officially greenlit the acquisition of Hotel Ukraina by Ola Fine, a company owned by prominent entrepreneur Maksym Krippa. This decision, announced on November 28, allows Ola Fine to finalize the privatization of the historic property situated in Kyiv’s Independence Square. As reported by City News, the approval follows the AMCU’s publication confirming the transfer of ownership under the agreed terms.
As part of this landmark privatization deal, Ola Fine purchased the hotel for 3.01 billion UAH, including VAT. However, the agreement does not encompass the underlying 1.51-hectare land parcel where the hotel stands. This acquisition is a significant step forward in Ukraine’s privatization initiatives during a time of national adversity.
The Road to Finalizing the Hotel Ukraina Deal
The privatization of Hotel Ukraina culminated in a highly anticipated auction on September 18, hosted on the ProZorro sale platform. Ola Fine emerged victorious, placing the highest bid for this coveted property. The auction drew immense interest as one of Kyiv’s most iconic landmarks was up for sale.
The State Property Fund of Ukraine confirmed that the property sold for 2.5 billion UAH, a significant milestone in privatizing state-owned assets. Three companies vied for ownership in a competitive bidding process that drove the final price far beyond the opening bid of 1.04 billion UAH. The other bidders included Zhytomyr Furniture Plant LLC and Alarit-Prom LLC.
The asset bundle featured 14 distinct real estate units covering 26,300 square meters, including hotel rooms, office areas, and parking facilities. This diverse portfolio attracted investors eager to expand their presence in Kyiv’s lucrative property market.
Who Is Maksym Krippa?
Ukrainian investor and successful businessman Maksym Krippa
Businessman Maksym Krippa is a renowned Ukrainian investor with diverse interests spanning esports, IT, and real estate. Among his notable ventures are the globally acclaimed NAVI esports team, the Maincast broadcasting studio, and GSC Game World, the developer behind the iconic S.T.A.L.K.E.R. series.
Krippa’s profile rose significantly in 2022 after being revealed as the sole owner of NAVI, with his involvement in the team dating back to 2018. He has also made impactful investments in real estate, including the acquisition of the Parus business center and a luxurious estate in Kozyn in 2023. Now, with the addition of Hotel Ukraina, Krippa solidifies his position as a key figure shaping Ukraine’s business and investment future.