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Business news, 19.02.2003 12:43

Creation of Economy Hotel Chains Starts in Russia

Russia has at last started creating chains of 'economy' hotels. Russia has at last started creating chains of 'economy' hotels, Vedomosti newspaper reported today. This week, the USA - Russia Investment Fund will announce a project for the creation of such a chain. Joint-stock financial corporation Sistema is preparing a similar project as is the Moscow regional government. According to research data, the demand for hotels with a room price below USD 100 per day is currently highest in Moscow and Saint Petersburg.

President of the USA - Russia Investment Fund Davis Jones is to present a project to construct economy class hotels in Russia this week. As a source familiar with the situation reported, the fund's partners will be Radisson SAS Hotels & Resorts, an international hotel operator and a part of Rezidor SAS, and a group of foreign investors, which have not been named so far. Participants in the project are planning to build eight hotels with 100 rooms each within four years. Three of these hotels are to be constructed in Moscow, three - in Saint-Petersburg. The room price will be USD 70 to USD 90 per day, the source says.

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