One of Moscow’s most historic landmarks has been sold for 222 million euros. The luxury Metropol hotel has hosted all Russian life from revolutionary Communism to ostentatious indulgence.
Now it has made the leap full-time to capitalism. As part of Moscow’s privatisation plans, it has fallen into the hands of the Azimut hotel group, who had been leasing the building from the city.
Some of its valuable fixtures including the paintings remain the property of the city of Moscow authorities and will be protected under any modernisation plans.
The Russian capital is always short of rooms and presents a profitable opportunity for high-end hotel chains. Some think the building’s future will be better assured in private hands.
“If one looks at what has been done internationally in other cities where most of the historic trophy assets are in private hands, then in principle this is the right move”, said Tatyana Tikova, a valuer with Colliers International Consulting. “It’s because the private owners have enough resources to manage the hotel”.
The Metropol has seen a lot of famous figures come and go since it opened in 1901. Lenin harangued Bolsheviks there after they moved the government from St Petersburg to Moscow. For a while it was appropriated and became the Second House of the Soviets.
Famous guests have included the late Michael Jackson who stayed there in 1993.
The hotel is situated right next to Moscow’s famous Bolshoi Theatre and a short walk from Red Square.
Some analysts had expected its prime location would command a higher price than that paid by the new owners.
- 1Snowden, Assange and Manning statues unveiled in Berlin | euronews, world news
- 2Chomsky says US is world’s biggest terrorist | euronews, the global conversation
- 3euronews live TV - News | euronews : the latest international news as video on demand
- 4Nepal: ‘equally big earthquakes coming in eastern regions,’ expert tells euronews | euronews, world news
- 5It’s a girl: Britain’s Duchess of Cambridge gives birth in London | euronews, world news
- 6How Nepal earthquake devastated Kathmandu’s UNESCO heritage | euronews, world news
- 7Chernobyl Children: what makes Ukrainians born in 1986 different? | euronews, world news
- 8International breaking news | euronews online world breaking news in video
- 9Exclusive: unrest in FYR Macedonia could hit other Balkan countries warns Serbian PM | euronews, world news
- 10International tv news | euronews: European and International tv news bulletin
- 11Andrea Ferrari: the graphene guru | euronews, science
- 12Juncker to Hungarian PM Orban: “Hello, Dictator!”
- 13Portuguese language reform law goes global | euronews, world news
- 14EU membership remains Serbia’s priority, says PM Aleksandar Vucic | euronews, the global conversation
- 15Watch: France’s Jean-Marie Le Pen clashes with UKIP MEP Woolfe | euronews, world news
- 16Spain: the viral soldiers fighting in Madrid and Barcelona mayoral races | euronews, world news
- 17How young translators are helping knit European culture together | euronews, generation y
- 18Evidence of ancient wine found in Georgia a vintage quaffed some 6,000 years BC
- 19We will not be moved! China’s urban spread resistance [PHOTOS]
- 20How World War II shaped modern Poland | euronews, world news
Wires > News
- 13:16 CET Italian nun moves towards sainthood in first Kenyan ceremony
- 13:14 CET As tensions ease, Cyprus leaders enjoy coffee and cake in capital
- 11:53 CET Russia to adopt tough position if Ukraine defaults: PM Medvedev
- 11:39 CET Islamic State raises flag over citadel in Syria’s Palmyra -…
- 11:34 CET Ireland backs gay marriage in historic vote, ministers say
- 09:35 CET China and Peru agree to study transcontinental rail link
- 09:31 CET Suicide bomber kills 21 at Saudi Shi’ite mosque, Islamic State…
- 07:28 CET Dispute over Mideast nuclear arms ban torpedoes U.N. conference