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. Last Updated: 07/27/2016

Penta Hotels Buy-In

MOSCOW (MT) - Ramada International Hotels has acquired a 49-percent stake in Penta International, the hotel management company that runs Moscow's Olympic Penta Hotel, a company statement said Tuesday.

Ramada bought shares from Lufthansa which retains a 51- percent controlling interest and the West-Deutsche Landesbank.

The general manager of the Olympic Penta hotel, Norbert Hummel, said Tuesday that no management changes were anticipated, but he added that it was planned to merge Penta Hotels into the Renaissance hotel chain.