The Russian hotel chain Azimut Hotels, which has successfully grown out of Russia in recent years, has decided to cease its activities in Europe.
According to the news in the Russian media, Azimut Hotels, which belongs to Alexander Klyachin and previously had more than 20 hotels in Europe, is preparing to completely cease its activities in European countries.
In a statement made by the Gleden Invest company, which manages the assets of Klyachin, it was stated that Azimut Hotels decided to exit the European market within a year.
While the company had eight hotels in Germany and Austria until last summer, today there are only three hotels operating under the Azimut brand in Europe – all in Germany.
Azimut Hotels’ press service also confirmed that the company has suspended contracts with some of the hotels in Europe.
On the other hand, it was stated that the company plans to open two new hotels in Israel in the coming years.
Gleden Invest, owned by Klyachin, is one of the largest companies in the real estate sector in Russia.
Azimut Hotels is the largest Russian hotel chain, established in 2006. Azimut Hotels had more than 60 hotels and health resorts in more than 40 cities with a total room capacity of about 10 thousand rooms. Azimut Hotels unites owned hotels, on the basis of management contracts and franchises as well as on the basis of long-term leases.