The Moscow City Hall has, at last, officially presented to the business community its new business pet project, the United Hotel Company, which was created last year in partnership with Russian Real Estate Ltd in a share ownership proportion of 49 to 51. The long-awaited presentation took place at the Moscow International Hotel Forum that took place last month. The company’s chartered capital totaled 62.2bln rubles. The Moscow government has ceded between 14.99% and 100% of its stakes in various hotels that are owned by the city to the new company.
Highlighting the new company’s tasks and objectives, Gennady Ustinov, United Hotel Company deputy CEO, noted that the company’s main strategic mission is to occupy the leading positions on the Moscow hotel services market. “The key direction in the company’s operations will include investment in hotel, hospitality project developments and hotels management, including under international brands.”
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