“The fall of the ruble has had a positive impact on our loans,” said Akfen REIT, part of the Turkish group Akfen Holding and owns four Ibis hotels in Russia, managed by the French company Accor.
Since all debt related to the company's investments in Russia were refinanced in rubles in September 2021 for a period of 10 years, the depreciation of the ruble over the past 6 months has had a positive impact on financial performance, and the consequences of such an impact are visible in the first quarter of 2022.
A positive impact was also made by the fact that, according to the new decision of the Russian government, the VAT rate of 20% on income from hotels and restaurants will be zero for 5 years, which means that the next quarters are more likely to be no less successful in terms of financial performance. , especially since activities in Russia continue uninterruptedly and there have been no official statements about the closure of the business.
Since the beginning of the special operation of the Russian Federation, countries and global brands have imposed sanctions against Russia. Due to the unstable economic situation and high risks, Accor has stopped opening new hotels in Russia.
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