Asters has advised the Black Sea Trade and Development Bank on its EUR 8 million financing to the Real Estate Development Centre for the construction of a 128-room hotel in Lviv, Ukraine.
"The loan will be used for the construction, equipping, and commissioning of a 128-room hotel under the Novotel brand, an international mid-range brand for business and leisure travelers," Asters informed.
The BSTDB is an international financial institution that finances projects in the Black Sea Region. The bank has an authorized capital of EUR 3.45 billion and provides trade and project finance lending, guarantees, and equity participation in private companies and public entities in 11 member countries.
"This case proves that international financial institutions consider Ukraine as an investment destination even during wartime," Asters Partner Iryna Pokanay commented. "The construction of the hotel should develop the tourism infrastructure and give additional working places in the region."
The Asters team included Pokanay, Counsels Gabriel Aslanian and Anzhelika Livitska, and Senior Associate Inna Bondarenko.
Asters was unable to disclose further information on the deal.