Kempinski Leaves Azerbaijan

The oldest European luxury hotels group Kempinski leaves Azerbaijan. From Sunday, July 31, Kempinski Hotel Badamdar located on the outskirts of Baku will continue to operate under the new name Badamdar Hotel Baku.

Such agreement has been reached between Kempinski and the owners of Kempinski Hotel Badamdar after they decided to terminate the management contract, a source in the hotel told Turan News Agency.

Kempinski Hotel Badamdar opened in Baku in September 2011. The hotel has 280 rooms of different classes, 38 fully equipped apartments and 36 offices. There are also 19 meeting rooms, reception rooms and auditoriums, restaurants and bars.

On 3,500 sq. m there are spa and fitness centers, indoor and outdoor pools, a tennis court, a basketball court, an entertainment center, and an aqua park.

Recently, a number of well-known foreign companies have begun to leave Azerbaijan. According to the Ministry of Taxes, they include the Russian Actavis, the British BJ Services Company Middle East Limited, the Swiss Schering Plough Central East AG, Turkapital Holding, the Singapore Petro Singapore Trading PTE Ltd., the Belgian Puratos, and Royal Dutch Shell PLC.

The French Technip Maritime Overseas Ltd and the Italian Maccaferri Azerbaijan suspended their activities.

The intention to withdraw from the oil project ACG was reported by ONGC Videsh Limited.

Foreign companies and individuals began to take their capitals away from Azerbaijan after the economic crisis started in 2014.