Kyiv's Royal Grand Hotel located in Shevchenkivsky District on March 14, 2017 will be put up for sale at an auction.

Director of the risk management department of the National Bank of Ukraine (NBU) Ihor Budnyk wrote on his Facebook page that the premises of the hotel is used as collateral in the credit issued by Eurogasbank being under liquidation.

"Eurogasbank provided property rights under a credit as collateral for the National Bank of Ukraine's refinancing credit. The premises of the hotel in Kyiv are used as collared with an area of around 1,300 square meters," Budnik said.

He said that Euro-Hotel-Group LLC (Kharkiv), the pledgor and the manager of Royal Grand Hotel, is undergoing the bankruptcy procedure. Its liquidator put the property used as collateral up for sale at an auction.

According to the report on the auction, one lot is nonresidential space of 96.4 square meters, nonresidential administrative premises of 1,295 square meters and the gas boiler and air conditioning area.

The initial price of the lot will be UAH 31.13 million. The bid increment is 1% of the initial cost.