Bulat Utemuratov bought Ritz-Carlton hotel in Moscow

One of the most expensive and fashionable hotels of Moscow Ritz-Carlton located close to the Red Square and the Kremlin changed its owner, KazTAG reports. Kazakhstan real estate development company Capital Partners sold the 334-room hotel to Kazakhstan businessman Bulat Utemuratov who used to be head of the department of Kazakhstan President's affairs in 2006-2008. The purchase cost him $350 million. According to Forbes, Utemuratov's wealth was estimated at $1 billion in 2007. There is an alternative version of the story: as per RBK Daily, Ritz-Carlton hotel was bought by Verny Capital investment company who agreed to pay around $700 million for it. Verny Capital belongs to Verny Investments Holding whose Director General is Timur Issatayev. Earlier Issatayev headed ATF Bank, before it was sold to Unicredito Italiano. Members of Kazakhstan business community connect the head of Verny Investments Holding with Utemuratov. Verny Capital took over the debts of the previous owner of the hotel. Capital Partners is a developer and it used borrowed funds to construct the hotel. The loan for construction of Ritz-Carlton was extended in 2003 by Kazkommertsbank. In 2006 Merrill Lynch and Aareal Bank refinanced the debt in the amount of 160 million Euro ($216 million).