AMERICAN GELEGEN INC WILL BEGIN BUILDING OF FIVE-STARS HOTEL

				
				
				
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AMERICAN GELEGEN INC WILL BEGIN BUILDING OF FIVE-STARS HOTEL
IN KIEV.
     American Gelegen Inc plans to begin building
Hotel-office complex in the centre of Kiev, and in particular,
Five-stars hotel on a place of the former hotel and restaurant
"Leipzig".
     On it to agency "Interfax-Ukraine" was informed by the head of department
The investment policy Kiev goradministratsii Vyacheslav Mukhin.
     On April, 25th current year Kiev goradministratsija and American
Gelegen Inc have signed the rent contract on the case of structures on street
Procarved, 24/39 for a period of 49 years.
     The first stage of building assumes restoration of the front
Buildings of "Leipzig" in an original form and building of the first part
The hotel complex, the second - erection of internal constructions, in
That number 5-zvezdnochnoj hotels and business centre creation.
     The building of "Leipzig" is constructed in 1900 and is a monument
Architecture of local value of late classical style. Rough estimated cost of the project makes $60 million
However, under V.Mukhin's assumption, the sum of investments will be a little
Smaller at the expense of attraction of the Ukrainian investors, which name
Are not disclosed yet.
     Under treaty provisions, the hotel operator will be defined
Later. It is planned, that operation of hotel-office complex
Will begin approximately in 3 years from the moment of building.
     American Gelegen Inc has an operational experience in the Ukrainian market:
Several years ago it has constructed in Lvov three-stars "Grand
Hotel ".

//* an information Source: the INTERFAX-UKRAINA, 7.05.97
//* Reg. Nom. - 8070500512.48-------------------------------------------