Sistema Group to double its hospitality business

Moscow – 1 February 2023 – Sistema PJSFC (“Sistema” or the “Corporation”) (LSE: SSA, MOEX: AFKS), 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 entered into a binding agreement to acquire a 100% stake in a number of Russian companies [1] – owners of ten hotels in four Russian cities – from Norway’s Wenaas Hotel Russia AS, for up to EUR 203 million [2] (the “Transaction”). The final purchase price will be determined based on the cash balances on the target companies’ bank accounts as of the date of the completion of the Transaction, and will be financed from the own and borrowed funds of Cosmos North-West LLC.

The Transaction is expected to be completed by the end of 1Q 2023 subject to obtaining of all necessary regulatory approvals.  

“The hotels of Wenaas Hotel Russia AS represent a diversified portfolio of hospitality assets. Most of the hotels to be purchased are in outstanding locations: from the historical centre of St Petersburg and other cities to the immediate vicinity of Russia’s largest airports, Sheremetyevo and Pulkovo. The acquisition of these hotels that meet high standards of service and quality will enable Cosmos Hotel Group to double its number of rooms and considerably bolster its position in Russia’s hospitality market. As a result of the Transaction and the implementation of our development programme, our hotel capacity will exceed 9,500 rooms in 2023,” said Aleksandr Biba, President of Cosmos Hotel Group.

Wenaas Hotel Russia’s portfolio comprises 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.

Cosmos Hotel Group is one of the largest hotel management companies in the Russian market, with a portfolio that includes over 20 hotels in 16 cities in Russia. The Group manages the operations of hotels with over 4,500 rooms.


For further information, please visit or contact:

Public Relations

Sergey Kopytov

Tel.: +7 (495) 730 17 05

Investor Relations

Sergey Levitskiy

Tel: +7 (495) 730 66 00

Sistema PJSFC is a publicly traded, diversified Russian holding company in sectors including telecommunications, high technology, financial services, retail, e-commerce, paper and packaging, agriculture, real estate, tourism and medical services. The company was founded in 1993. Revenue in 2021 was RUB 802.4 billion; total assets as of 31 December 2021 amounted to RUB 1.8 trillion. Sistema’s global depositary receipts are listed under the ticker “SSA” on the London Stock Exchange. Sistema’s ordinary shares are listed under the ticker “AFKS” on Moscow Exchange. Website:

[1] The acquired share in JSC Polyarnye Zori Hotel (owns Park Inn by Radisson Murmansk) is 98.44%, in JSC Hotel Complex Sheremetyevo-2 (owns Park Inn by Radisson Sheremetyevo) - 99.91%.

[2] Including a 10% contribution to the Russian Federation budget, payable pursuant to the ruling of the Ministry of Finance of Russia dated December 30, 2022 N 05-06-10 / VN-67867.

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