Artur Lupashko: “Investors who wanted to build business centres abroad are now building hotels in Ukraine thanks to us”

Artur Lupashko on scaling Ribas Hotels Group, the potential of domestic tourism and ambitious plans for the global market

In 9 years, Ribas Hotels Group has become a brand in Ukraine and gained a positive reputation in the hotel business. Today, the company manages 28 hotels in Ukraine alone, is preparing for a project in Bali, and is negotiating with Poland, Spain, Italy, and Montenegro. It also launches new formats – from condo hotels to glamping – and helps partners make their investments work.

The founder and CEO of Ribas Hotels Group, Artur Lupashko, spoke about the company's approach to work, an untapped niche for investment and the power of a personal brand in an interview with Forbes Ukraine.

“Our goal is to build a global hotel chain, and our mission is to create projects that will become anchors for new tourist destinations and allow more people to experience the quality of Ukrainian service. With the Mandra Glampings chain, this is exactly what happened – we are opening glamping sites where there have never been hotels and tourists have never set foot,” says Artur Lupashko.

Today, domestic tourism is actively developing in Ukraine. First, the pandemic, then the full-scale war, have made Ukrainians accustomed to travelling and relaxing in their own country. This is a great advantage and opportunity for the hotel business. Investors are ready to invest in projects in Ukraine, thereby leaving their capital here.

“The power of our brand is now at work, helping developers sell property at a higher price and faster. For example, Ama Family Resort, a hotel complex in Bukovel with 30 cottages for $15 million, was sold in six months during the war. All the developers with whom we started implementing the first projects in 2022 have acquired land plots for further projects this year. The partner has no doubt that if Ribas Hotels Group guarantees a 13% annual return, it will happen,” says Artur Lupashko.

Also in an interview with Forbes Ukraine, the CEO and founder of Ribas Hotels Group spoke about the condo hotel format, which is becoming a trend in Ukraine's income property sector, the formation and importance of a personal brand, and the benefits of working with a management company instead of managing yourself.

Read more on Forbes Ukraine.

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