Russia's Yelena Baturina Divests Grand Tirolia Hotel for €45 Mln

Published: April 10, 2018; 14:33 · (Vindobona)

The billionaire and wife of Yury Luzhkov, the former Moscow mayor, is selling her Kitzbühel 5-star hotel for 45 million euros to an investor. Rumour has it that the investor is looking for an international operator.

Russian billionaire Yelena Baturina is selling her Kitzbühel hotel for 45 million euros / Picture: © Wikimedia Commons / Pinskibob, crobbed [CC BY-SA 3.0]

The five-star luxury hotel Grand Tirolia Kitzbühel Betriebs GmbH in Kitzbühel and the Eichenheim Golf Club have a new owner.

Yelena Baturina has sold the resort to a real estate investor from Lower Austria for around 45 million euros via Inteco Beteiligungs GmbH, which in turn is controlled by Baturina's Beneco Private Foundation, the Tiroler Tageszeitung writes.

Whether the investor will operate the hotel himself is uncertain. Rumour has it that he is looking for an international operator.

According to the Tiroler Tageszeitung, the Eichenheim Kitzbühel-Aurach golf course will report a net loss of more than 2 million euros for 2016. The negative equity amounts to more than 17 million euros. The liabilities amount to more than 76 million.

According to the newspaper, Yelena Baturina will keep her house in the Kochau in Aurach with an area of 3000 m2, which she has owned since 2011.

Obviously there were already difficulties with the purchase due to the strict Tyrolean foreigner property acquisition law (Ausländergrunderwerbsgesetz), so that only in the second attempt the house purchase of the billionairess was approved by the province of Tyrol.