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The market of the declared hotels of Kyiv: will EURO-2012 take place in Ukraine or not?!

2009-04-22 17:23:48

Building hotels KievThe situation in the market. The capital hotel market has been on hold for two years already. Since it became known about forthcoming football tournament EURO-2012 in Ukraine and Poland, aerial prospects about sports, hotel, and transport infrastructures development were drawn. It seemed that a score of investors ready to invest in the new hotel segment were coming soon, and architects developed projects one more fantastic than another. In February 2008 a configuration plan of hotels for EURO-2012 in Kyiv was developed, and existing hotel room capacity of 14800 rooms had to increase to 368900 rooms (although most of them would have afterwards to be redesigned in residential facilities). But a year elapsed, and what has been done for the time? Whether the notorious crisis has influenced all the investors, or non-transparency of building agreements has frightened them away, or political lack of stability and general economic backwardness have played their part, whatever the case, but in 2008 particular changes in the hotel market didn’t happen. Nevertheless several international hotel operators have showed interest to Kyiv (Sheraton, Intercontinental, Rezidor Hotel Group). And now equivalent Ukrainian developers and authorities response is necessary.

Unfortunately, at the moment the hotel segment is not included in the basic group of Ukrainian and foreign investors and developers interests. If they develop new projects, they rather will be business centers and trading projects. Before profitability of hotel real estate was less than profitability of both business and trading centers as well. Now under the condition of liquidity crisis the situation has got worse. In recent months the occupancy rate of Kyiv hotels has fallen by 30%. Before the occupancy rate was about 70%, now it is not more than 40-45%.

Socmart Company specialists in the course of updating of under construction and design stage Kyiv hotels database, have inspected all existing constructions and visited the sites where a close commencement of a hotel construction had been declared. What we have disclosed at the addresses out of the layout of hotels for EURO-2012 in Kyiv is: in most cases there is not a construction at all, in some cases a construction of a different project is in progress or a hotel was being erected but now it is put on hold. In 2008 in the capital just two hotels were put into service, now 17 more hotels are being built. The three-star hotel complex in Brest-Lytovske Shosse is at the stage of finishing work now. This year 2 small hotels are going to be put into service –Sloviansky Dvir and HC in  еKonstiantynivska Street (in October). 2 hotels headed by Intercontinental (Intercontinental in Velyka Zhytomyrska Street and Holiday Inn in Horkoho Street) have been declared to be open in 2009 as well, and one more hotel in Obolonska Naberezhna Street. Fairmont Hotel and Peresviet Plaza Hotel are planned to be put into service by 2010. Most of declared hotels are planned to be open in 2012, in the year of football tournament. However, it does not seem realistic because all these projects are at the stage of design, a lot of them have not even received the approval of Kyiv town-planning counsil. It is not likely that in the current economic market circumstances  in the remaining couple of years before the championship from green field the 42-floor international complex in Nikolsko-Slobidska Street, the 35-floor international center in Dniprovska Naberezhna Street, the 42-floor Stolychny complex in Yevropeyska Ploshcha will be built, etc. The situation with easier projects is not optimistic too – there is not going to be a hotel in the complex in 201-203 Kharkivske Shosse Street (there are going to be just offices there), a construction of a hotel constituent the owners plan to consider in a year and a half while erecting the second line of the building in the 11 Solomianska street complex (offices are the first line). Both these projects are included in the layout of hotels for EURO-2012, but as we see, not everything is so unambiguous here. One more completed project included in the list of hotels for championship does not include a hotel already. It is the former hotel complex Teatralny, now it is Rent House Business Center.


The description of some declared hotel projects

Zabolotnoho StreetHotel-office complex in 3 Zabolotnoho Street

The site is situated not far from Odesska Ploshcha. It is planned that the building with total area of 30000 m2 is going to include office and hotel constituents and an underground car park (7400 m2). The hotel area is 15000 m2, the office area – 7000 m2. Now the project is at the stage of design, in 2007 it was sent for improvement by the town-planning counsil. According to Socmart Company the basic participants of the hotel-office complex are “Pagoda” financial-building company as a developer and Yezhov architectural workshop.  

The hotel in the Silver Keys residential complex

The customer of the residential-hotel complex in Hlushkova prospect is OOO “Ukrtorg” investment-building company. The total area of the complex is more than 100000 m2. The complex will include two residential buildings (each with the area of 45000 m2) and a hotel of about 12000 m2. The erection of Silver Keys has started in 2008, the final put into service has been planned for 2012. The first line (a residential building of 24 levels) will have been completed by 2010. The infrastructure will include an infant school, a primary school, a grocery shop, a snack bar for 24 seats, offices, a chemist’s, a dry cleaner’s pick-up section, a manufacture goods shop, a hairdresser’s, club premises. A multi level car park has been planned too. The general constructor of the complex is “Altis Holding”.

The office-hotel complex in Kustanaiska Street

In Holosiyivsky district of Kyiv since the second quarter of 2008 an unfinished building for hotel-residential, office and bank complex is being reconstructed. Before at the place of the future complex there was unfinished 6 floor building of a laboratory pavilion of Ukrainian Academy of Science (the construction has been started in 1993). Three more floors are planned to be added on to the 6 floor house and on each side of it two new 22 floor buildings to be built.  According to the information of Socmart Company the construction of the hotel-office complex in 13 Kustanaiska Street they plan to complete by the second quarter of 2011. The total area of the KUSTO complex, the customer of which is LTD “Hotel-recreational complex “Stolytsia”, will make more than 78000 m2. Out of them, according to the database of under construction and design stage projects of business centers of Kyiv more than 60000 м2 will be offices premises of “A” class. In the first floors of the complex a bank premises, shops and restaurants will be situated. The complex in 13 Kustanaiska Street is one of the layout of hotels for EURO-2012 in Kyiv, and two upper (21 and 22) floors in the building are intended for separate suites. According to the project developed by ZAO «Kyiv building company “Kyivbudkom” (and it is being constructed by them too) there will be an underground two-level car park of 12000 m2 (316 parking slots) in the complex. Near the building a car park for 30 cars has been planned.

Kempinski Kyiv

Kempinski Kyiv In Shevchenko bulvar a fife-star hotel complex under operation of Kenpinski has been declared for construction. 11 floors of the building will include 224 conventional rooms, 30 first class rooms, 3 rooms of the highest class and one presidential suite. The infrastructure of Kempinski will include restaurants, bars, a fitness center with a swimming pool and a gym, a casino, conference halls, rooms for meetings and negotiations. Put into service of the Kempinski Kyiv has been planned for 2012. However, there are more questions than the answers with the complex. The site with area of 5000 m2 is situated in the center of Kyiv, next to one of the main roads of the city – Taras Shevchenko bulvar, in the quarter limited by M. Kotsiubynskoho, Pyrohova and B.Khmelnytskoho streets. Judging by the location of the future hotel one gets the impression that it will be situated at the same place where the Hilton hotel is being built or immediately next to it.


The conclusion. In April the regular meeting of Michael Platini is expected in the course of which the question of the hotel building is going to be considered. Kyiv cannot make boast of significant development of the segment so far. Several days ago the head of State Service of Tourism and Resorts of Ukraine Anatoliy Pakhlia declared pace slowing of infrastructure preparation for European Football Championship in Ukraine in 2012. According to the data of Kyiv municipal administration (KMDA) the current requirements of UEFA for quantity of rooms in Kyiv hotels make 3840 rooms in 5-star hotels, 4250 rooms in 4-star hotels, 400 rooms in 3-star hotels. It is possible that the president of UEFA once again will show understanding for the championship host country situation, perhaps the requirements for the hotels in the cities, where the EURO-2012 championship is going to take place, will be optimized (means – will be leveled down). Now all the declared plans and schedules on erection of the promised hotels can be demonstrated on paper only, the reality differs. With such a pace in the Socmart specxialists estimation, in Kyiv less than a half of the declared hotels will be put into service by EURO-2012. At any time Ukraine can be taken off the list of the countries where the football championship will take place in three years time. We can just hope that the situation with hotel development, improving of transport infrastructure, building of stadiums will dramatically change better in the nearest future. Indeed, as we know, hope springs eternal.

According to Socmart data on commercial constructions and projects, 17 hotels, 60 business centers and 38 trading complexes are being built in Kyiv for time of February 2009. Residential houses and complexes are being built, on the total more than 213 projects.

The author is socMart

The photos and visualization: on the top – Sloviansky Dvir (February 2009), in the center – the hotel complex in Zabolotnoho Street, at the bottom – Kempinski.

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