Under state ownership, the Soviet-built hotel charged as little as $23 a night last year and recorded a $11,000 profit for 2019.

Under state ownership, the Soviet-built hotel charged as little as $23 a night last year and recorded a $11,000 profit for 2019. “The hotel will get a second life – the hotel will function,” predicted Dmitry Sennichenko, head of the State Property Fund, which is managing the privatization. Under the privatization rules, the auction winner, a little-known real estate real estate company called Smartland, has one month to prove that it will pay for the hotel with legitimate, non-Russian money. After the deal is finalized, in September, the new owner is to keep the name Dnipro, raise the quality to four stars, and retain the staff.