Glorax Capital Fund, one of Russia’s leading private equity firms, reportedly plans to create a global hotel brand called Glorax and will invest US$870 million to acquire, refurbish and operate hotels and resorts.
According to multiple Russian news sources, acquisition talks are underway in resort markets ranging from Turkey and France to the Maldives and Philippines, and Glorax General Director Valentin Sandpiper has confirmed the news. Sandpiper added that all acquired hotels will be reconstructed as 5-star properties.
Glorax Capital was established this year by the former shareholder of Tekta Group, Andrew Birzhinym, who sold his approximate 30% share in the group. The total declared amount of the fund is about US$1 billion.
Glorax Capital is not the first Russian company trying to enter the international hotel market, with Azimut Hotels already present in Germany and Austria and reportedly looking at markets such as Turkey.