Wenaasgruppen

Business in Russia

The first exit deal involving a “voluntary donation” to be publicly disclosed was by Norway’s Wenaas after the sale of its hotels in Russia to Sistema, the Russian conglomerate controlled by oligarch Vladimir Yevtushenkov, who is under UK sanctions. Sistema said in February the deal was priced at “up to €203mn, including a 10 per cent contribution to the budget of the Russian Federation”.

Decision trail

Decision date 09/03/2023 · Reference ↗

Sistema PJSFC (“Sistema” or the “Corporation”), a diversified publicly traded Russian investment company, announces that Cosmos North-West LLC, a wholly-owned subsidiary of the Corporation’s subsidiary Cosmos Hotel Group, has completed acquisition of a 100% stake in a number of Russian companies – owners of ten hotels in four Russian cities – from Norway’s Wenaas Hotel Russia AS, for EUR 200 million. As a result of the transaction, Cosmos Hotel Group added the following hotels to its portfolio: six hotels in St Petersburg (Park Inn by Radisson Pribaltiyskaya, Park Inn by Radisson Pulkovskaya, Park Inn by Radisson Nevsky, Radisson Blu Royal Hotel, Park Inn by Radisson Pulkovo, Olympia Garden Hotel), two in Moscow (Park Inn by Radisson Sheremetyevo, Radisson Blu Sheremetyevo Airport), one in Murmansk (Park Inn by Radisson Murmansk) and one in Yekaterinburg (Park Inn by Radisson Yekaterinburg). Altogether, the hotels have 4,078 rooms and a total floor space of 264.1 thousand square metres. In 2021, the hotels’ revenue totalled RUB 4.3 billion; in 2019, prior to the pandemic, it was RUB 6.2 billion. The total net debt of the acquired companies is negative.

Local stats (LeaveRussia)

Status history since 2022

1. 03/08/2026 — exited · Imported from KSE LeaveRussia

Exposure profile