OREANDA-NEWS. July 13, 2010. Sistema-Hals (LSE, MICEX, RTS: HALS), a major Russian real estate company, and Saraya Holdings announce that Saraya Holdings has recently accepted a proposal by Sistema-Hals to buy out Saraya Holdings' stake in Kamelia project in Sochi.

Sistema-Hals President Andrey Nesterenko commented: "By accumulating Kamelia share in our hands Sistema-Hals is committing to open the hotel in time for the Sochi 2014 Olympic program. The recent buyout will allow us to meet established investment goals for the exiting hotel in a prime location. We are planning to continue our fruitful partnership with Saraya and we are evaluating other projects where we can continue to build a solid platform together".

Saraya Holdings Executive Director Souheil Moukaddem said: "We are fully satisfied with our current relationship with Sistema-Hals. Our partners proposed an amicable buy-out that fit with our long-term strategic goals. We are looking forward to continue our partnership with Sistema-Hals on other projects".

Kamelia project occupies an area of land measuring 6.3ha at 89 Kurortny Avenue, Sochi. The project is a mixed-use resort on the beach front.