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Holiday Inn Cuts Ribbon in Moscow.
(From The Moscow Times)
With the opening of Holiday Inn Moscow Lesnaya next week, the city will finally get a branch of what could be the world's most recognizable hotel brand.
The 12-story hotel, located on Lesnaya Ulitsa near Belorussky Station in central Moscow, features large conference facilities as well as 301 rooms, including 17 suites. It is the first international-brand hotel to appear in the city since the fall 2002 opening of the Ararat Park Hyatt.
The hotel will be owned by Mospromstroi and managed by a Mospromstroi subsidiary.
Total investment has not been announced, but market watchers estimated it could have been anywhere between $30 million and $40 million.
"This is the first example in Moscow of international franchise agreement with a local Russian representative," said Rob Stoddard, vice president at Monab Development.
Marina Usenko, vice president at Jones Lang LaSalle Hotels, agreed, calling Holiday Inn's management agreement "not very typical for Moscow."
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