MOSCOW, March 26 Russian Internet hotel booking
service, Ostrovok.ru, has secured $25 million in investments
from a group of partners, including a co-founder of internet
group Mail.Ru, in what could be the biggest such deal
in Russia's online travel industry.
"All the money raised in this round of financing will be
sent for further development of the company," the company said
in a statement.
Apart from Yuri Milner, a co-founder of Mail.Ru, the group
of investors include Steve Hellman, the head of the Credit
Suisse Russian unit.
Online hotel booking is a fast growing business in Russia.
According to consultancy firm J'son & Partners, overall turnover
in Russia's tourism and services sector rose 14 percent last
year to over 1 trillion roubles ($32.37 billion).
($1 = 30.8922 Russian roubles)
(Reporting by Nastya Teterevleva; Writing by Vladimir
Soldatkin; Editing by Clelia Oziel)