| Hilton hotels to be built in largest Russian cities |
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05/06/2008 07:16 (534 Day 04:32 minutes ago) | |||||
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The FINANCIAL -- According to RIA Novosti, London&Regional Properties, a U.K. investment fund, plans to build Hilton hotels in all Russian cities with a population of over one million, the company's managing director said on June 5.
London&Regional Properties has property assets worldwide worth over $10 billion. The company has already invested about $1 billion in projects in Russia since 2005.
"Right now we are focusing our attention on Russia and plan to build several hotels in all [Russian] cities with a population of over one million. There is a great demand for this. We now have six hotels and plan to carry out three more projects in the cities where we have bought land - Rostov-on-Don, Omsk and Kazan," David Geovanis said.
The company plans to invest nearly $100 million in a business center in Omsk, where construction work is due to begin in late 2008, while a $100-million project in Rostov-on-Don and a $30-million project in Kazan are due to begin in the first quarter of 2009.
All the projects are scheduled to take three years to complete.
London&Regional Properties is currently completing the construction of a four star hotel and a 10,000 square meter office building worth $65 million in Novosibirsk, Russia's third largest city, and a 280-bedroom, four star hotel in St. Petersburg.
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