Baturina does not exclude selling a hotel project in Moscow

Author: Inga Friedelhaus Section: Hotels & Restaurants Guide

Issue: April 2009, Vol.4, No. 3

Tags: Baturina

print-friendly version

Anticrisis Strategy 

Citing the prevailing negative economic trends, Elena Baturina, the billionaire entrepreneur that also doubles as the spouse of the powerful Moscow mayor, has said she does not exclude the possibility of offloading a hotel project on Ilyinka and halting some other commercial real-estate programs in Moscow, a decision attributed by experts to the pressing need of her investment vehicle, Inteko, to repay its debts to creditors. 

“At this moment, it is more profitable to earn money from cheaper residential properties than investing into hospitality assets,” she added. “Besides, real-estate rents and prices are down. Therefore, there is no sense in building properties that will not be needed.”