Corinthia to build, operate hotel in Moscow

A luxury Corinthia hotel is to be built in the heart of Moscow, the second hotel in Russia to be operated by the Maltese hotel chain. International Hotel Investments, owner of the Corinthia, said on Monday that is had acquired a minority share in a consortium to acquire a landmark property at 10,Tverskaya, Moscow’s principal avenue leading onto the Kremlin and Red Square. The property has a listed façade, and houses the famous 19th century Filippov Bakery, but permits are in hand allow up to 43,000 square metres of development behind the retained frontage. The consortium has plans to create a luxury Corinthia Hotel and brandedserviced apartments for sale. An element of high-end retail will be featured alongside Tverskaya. IHI has had a presence in Russia since 2002, when it acquired and redeveloped five historic properties on the main boulevard in St Petersburg, transforming them into the Corinthia Hotel St Petersburg, the Nevskij Plaza Retail and CommercialCentre as well as other commercial property.