Moscow news
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20-Jul-2008
Hilton Hotels, Business Centers to Be Built
London & Regional Properties, a UK-based investment fund, is planning to build Hilton hotels and business centers in every Russian city with a population of over 1 million, Managing Director David Geovanis said.
London & Regional Properties, which represents Hilton's interests in Russia, has property assets worldwide worth over $10 billion. The company moved into Russia three years ago, investing around $1 billion in real estate construction projects in Moscow and other parts of the country since then.
"Right now we are focusing our attention on Russia and plan to build several hotels in all [Russian] cities with a population of over one million. There is a great demand for this. We now have six hotels and plan to carry out three more projects in the cities where we have bought land - Rostov on Don, Omsk and Kazan," David Geovanis said.
The company plans to invest nearly $100 million in a business center in Omsk, where construction work is due to begin in late 2008, while a $100-million project in Rostov-on-Don and a $30-million project in Kazan are due to begin in the first quarter of 2009.
All the projects are scheduled to take three years to complete.
London & Regional Properties is currently completing the construction of a four star hotel and a 10,000 square meter office building worth $65 million in Novosibirsk, Russia's third largest city, and a 280-bedroom, four-star hotel in St. Petersburg.
The Moscow News