Yelena Baturina Plans Further Investment in Ireland

LONDON, May 15, 2014 /PRNewswire/ --

In a recent interview with the Sunday Independent, Yelena Baturina, the owner of the Morrison Hotel in Dublin, signalled her intent to add another hotel to her Irish property interests. She also indicated she was monitoring the housing and office properties owned by Nama and various banks.  She has shown similar interest in the UK property market.

Speaking to the Sunday Independent, Baturina said, "I think the Irish market is getting more and more attractive. Housing prices are going up, offices prices are going up. There is still potential and it's still interesting for me."

The businesswoman did not rule out participating in the auction for the five-star Westin Hotel, set to be brought to the market by Nama shortly.  The hotel has 163 rooms and is located in the heart of Dublin. It is expected to be offered for sale at a price north of €60 million.

Yelena Baturina was one of the first foreign investors to come to Ireland after the crisis. She bought the iconic Morrison Hotel in Dublin's downtown from Nama in 2012 for a reported €22 million. She has invested an additional €7 million refurbishing the hotel.

Gennady Terebkov a representative of Yelena Baturina commented:

"The investment into our "pilot" project in Ireland - Morrison Hotel - paid off to the fullest. The hotel is very popular with guests and its occupancy after the refurbishment exceeds 80%. It is a decent figure and, in the forefront of general growth of Irish hotel market, it gives us a further stimulus to expand business."

Yelena Baturina plans to establish a European hotels chain comprising at least 14 hotels - both owned and controlled. Her portfolio includes The Morrison in Ireland, The Grand Tirolia in Austria, The Quisisana Palace in Czech Republic and The New Peterhof in Russia.

For Further information please contact Project Associates UK Ltd, on +44(0)20-7321-0773, gemma.watts@projectassociatesltd.com