Dewey & LeBoeuf has advised Credit Europe Bank NV, Credit Europe Bank Ltd, ZAO Raiffeisenbank (Moscow) and Raiffeisen Bank International AG (Vienna) on the $280 million refinancing of the acquisition of Moscow’s Ritz Carlton Hotel by Verny Capital (Kazakhstan).

Verny Capital, an investment company part-owned by Kazakh billionaire Bolat Utemuratov, acquired the hotel from developer Capital Partners, which used borrowed funds to construct it, and Verny Capital acquired the debt. The new credit facility for the five star hotel exceeds the initial refinancing back in 2006 which, at the time, was the biggest re-financing transaction in Moscow’s hospitality and commercial real estate history. 

The Dewey & LeBoeuf team was led by Partners Dmitry Gubarev in Moscow and Bruce Johnston in London, and included associates Cristina Volc, Sergei Orlov, Alexandra Kobzeva and Dawn Bilbe.