Search
 

Plans Progress for $430M Red Square Hotel Complex

MOSCOW-But will the Red Square build shake the foundations of the 16th-century St. Basil's Cathedral?

By Anita Howarth | Updated on August 04, 2006

MOSCOW-Plans for a euro 337-million ($431.3-million) five-star hotel at 5 Red Square have been approved by the Kremlin’s property department, despite the site being on the Unesco World Heritage list and concerns by conservationists that work could damage the foundations of the 16th-century St Basil’s Cathedral.The redevelopment is being financed by Russia’s United Industrial Corp., construction work is due to start next year and the hotel complex is due to open at the end of 2008.

The Kremlyovsky hotel and shopping complex, as it will be called, will be located in the historical building of the Middle Trade Rows, built at the end of the 19th century. The complex currently belongs to the president’s office. Its four houses are surrounded by the main building, which is a historical monument of national importance.

The complex will accommodate a luxury hotel, a Russian auction house and apartments located in one of the inner buildings as well as two-level underground parking, a shopping area, restaurants and a spa center. A major international hotel network will manage the hotel and the results of the tender are due to be published soon.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.