Moscow-based developer AFI Development has closed a $70m deal involving the purchase of four hotels. Three of the hotels are located in the city of Kislovodsk and one in Zheleznovodsk (the Stavropol region).
The Kislovodsk properties are the four-star Plaza Spa Hotel featuring 274 rooms; a three-star hotel currently under construction that will have 500 rooms; and the Versailles project which is a SPA luxury hotel with 53 rooms.
In Zheleznovodsk AFI has bought a building that it will re-model into a hotel.
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