Historic hotels go on sale in Russian capitals as authorities privatize state assets

Author: Inga Friedelhaus Section: Hotels & Restaurants Guide

Issue: August 2010, Vol. 5, No. 7

Tags: Hotel industry

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Sale of Iconic Brands

Moscow and St. Petersburg city governments have announced plans to sell historic hotels and other assets under their jurisdictions. Moscow’s Mayor’s Office plans to transform National, other hotels as well as other city-owned enterprises into open joint-stock companies by 2011-13 as parts of the government’s privatization program. In St. Petersburg, the authorities are to privatize the famous Astoria Hotel and later sell the ‘federal monument of historic value’ for $1.5bln, Oleg Ljapustin, the city’s State Assets Management Committee vice president, said. “This is only an estimate, a preliminary sum, which can still change further.”