The Moscow city government has approved the extension of the completion date of the ongoing revamp of the famous Pekin Hotel in central Moscow and construction of new additional properties to it to 2013.
The extension of the deadline from 2009 to Dec. 31, 2013, according the city government’s resolution, will be done without penalizing the project investor, Badging Invest, an affiliate of the development firm, Sistema Hals, which is a subsidiary of AFK Sistema. The hotel is owned by the Intourist Group.
According to the terms of the investment contract, the total area of the revamped hotel will be 127,500sqm on delivery. Broken down, reconstruction will yield 25,900sqm, while 101,600sqm will come from new construction. Also, the contract envisages a parking slot for 1,044 vehicles.
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