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Hilton hotels to be built in largest Russian cities

Hotels

London&Regional Properties, a UK 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 Thursday.

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 Q1 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. (rian.ru)

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