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.
Copyright © 2014 euronewsMore about:
- 1Fears over spread of Ebola as more tragedies emerge
- 2Muslims around the world get set to celebrate the ending of Ramadan
- 3Russia opens humanitarian corridor for injured Ukrainian troops, Russian state TV claims
- 4#ن: How an Arabic letter was reclaimed to support Iraq’s persecuted Christians
- 5Norway terror threat raised
- 1EU targets top Russian officials in new sanctions
- 2#ن: How an Arabic letter was reclaimed to support Iraq’s persecuted Christians
- 3Hamas announces new Gaza truce after Israel restarts military assault amid rocket fire
- 4Norway terror threat raised
- 5Russia opens humanitarian corridor for injured Ukrainian troops, Russian state TV claims
- 1#ن: How an Arabic letter was reclaimed to support Iraq’s persecuted Christians
- 2Air Algerie plane ‘crashes’ over Sahara
- 347 dead and 11 injured in TransAsia Airways crash landing
- 4TransAsia Airways plane crashes on landing in Taiwan, killing dozens
- 5Eastern Ukrainians ‘hate Russian-led guerrillas’ — Arseniy Yatsenyuk
Wires > News
- 10:46 CET Lavrov says Russia will not respond in kind to Western sanctions
- 09:56 CET Islamist militants kill 18 civilians in Philippines
- 09:45 CET Russia says hopeful Malaysia jet crash investigation will be…
- 09:39 CET Sri Lankan asylum seekers in Australia limbo could sue government
- 09:13 CET Pakistan mob kills woman, girls, over ‘blasphemous’ Facebook post
- 08:54 CET China says may have citizens fighting in Iraq
- 08:38 CET Australia cracks opens door to foreign submarine build
- 08:23 CET Australian police to renew bid to access Ukraine crash site