National Hotel in government's official privatization plan for 2011-13

Author: Alex Freedmann Section: Hotels & Restaurants Guide

Issue: July 2011, Vol. 6, No. 6

Tags: National Hotel

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Hotel for Sale

According to the Moscow Property Department, National Hotel has been included in the city’s registry of state objects for medium-term privatization program in 2011-13.

The details of selling the historic hotel into private hands are contained in a resolution, which in part noted that ‘the decision was taken so as to raise additional revenue in the city’s budget.’

As part of the presales preparation, the hotel has been transformed into a JSC that is 100% owned by the city. Currently, the hotel is under official evaluation. According to independent appraisers, the hotel’s value is about 1.5-2bln rubles, while its antiques can raise this figure 35-40%.