LE MERIDIEN, the new luxury hotel in KIEV, Ukraine

International hotel chain Starwood Hotels & Resorts Inc. agreed to cooperate with a group of companies DeVision (previously – First Ukrainian Development, Kiev) on the management of the hotel, located in the town of Koncha-Zaspa (Kyiv region). The five-star hotel in Koncha-Zaspa will be branded Le Meridien.
To date DeVision continues to negotiate with a network of Starwood Hotels & Resorts Inc. about giving it to the management of two other five-star hotels in Kiev. One of Kievs hotels will operate under the brand name Sheraton, a brand of the other hotels have not yet been disclosed.
DeVision Group intends to invest $ 160 million in the construction of two five-star hotels in Kiev. The company plans to build a five-set on Naberezhno Khreschatytska, 21 (completion of construction scheduled for the II-III quarter 2008) and five-star hotel in Vladimir Descent, 6 (2012-2013). Despite the current crisis, the Kiev hotel market has maintained its attractiveness, as early as March, InterContinental opening its hotel in Kiev. The Ukrainean capitals five star hotels attract over 70% corporate traffic, which makes it increasingly attractive considering higher rates on corporate than leisure.