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Gazprom to invest $100m in Sochi hotel for IOC headquarters

January 22, 2014, 17:57 UTC+3 22
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MOSCOW, January 22 (Itar-Tass) - Gazprom’s board has approved a contribution of 3.3 billion roubles (about $100 million) to the property of Lazurnaya, the company managing the four-star Radisson Lazurnaya hotel in Sochi, the gas holding reports Wednesday.

In 2008 Radisson Lazurnaya located on the Black Sea coast was determined as headquarters of the International Olympic Committee (IOC) at the Winter Olympics 2014. The hotel was constructed in 1993 by a joint venture of Sochi, Gazprom and Turkish companies Gama and Erna. In 2008 Gazprom purchased 16.66 percent of the hotel from Gama, thus boosting its stake from 78.03 percent to 94.69 percent.

The hotel has 287 rooms, four restaurants, two night clubs, swimming pools, a beach, a health center, water entertainments, a children’s club and an excursion agency.

Contribution to property is a way of investing in the OOO (Russian entity similar to LLC) if investment is made irrevocably and without changes of capital.

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