The Commercial Court of Kyiv has declared PJSC Hotel Salute insolvent after years of financial troubles and debts totaling ₴5.4 billion (about $130 million). The ruling took effect on June 30, 2025, according to LIGA.net.
By the end of 2024, the company, linked to sanctioned Ukrainian businessman Kostyantyn Zhevago, had accumulated losses of ₴1.23 billion, with no equity or resources to settle its obligations. The property management procedure had dragged on for more than seven years without any restructuring proposals, leading the court to conclude that liquidation was the only viable option.
Major creditors include the National Bank of Ukraine, owed ₴4.2 billion, the bankrupt Finance & Credit Bank with claims of ₴1.19 billion, tire manufacturer Rosava with ₴14.4 million, and several other companies, including FC Montale LLC and Investment LLC.
A one-year liquidation process is now underway under insolvency administrator Vadym Kizlenko. The hotel’s main asset – the distinctive circular building at 11B Ivan Mazepa Street – will be auctioned to repay the NBU. The “Salute” served as a property guarantor for Finance & Credit’s debts before that bank’s collapse.
Opened in 1984, the Salute was designed by architect Avraam Miletsky, renowned for Kyiv’s crematorium at Baikove Cemetery and the Ukraina Hotel. Co-architects V. G. Shevchenko and N. I. Slogotska also contributed. The original blueprint envisioned 18 floors, but the completed building has only seven. Its futuristic, fortress-like form has made it a Kyiv landmark and even a backdrop for fashion shoots – including an American Carhartt lookbook alongside the Kyiv Funicular, River Port, and Baikove Crematorium.
