Investor plans to open hotel in historic mansion in Moscow

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Investor plans to open hotel in historic mansion in Moscow
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Mikhail Kusnirovich, the owner of GUM, a luxurious state department store located near Red Square in Moscow, and Bosco Group, is searching for a historic building in Russia’s capital city to house a hotel, Rambler News reports on Friday.




“Yes, but a historic location is required,” Mikhail Kusnirovich said answering a question of whether he is interested in hotel business. The entrepreneur confirmed that the hotel was planned to be opened at a reconstructed site.

Deputy director for hotel industry development at CBRE, Stanislav Ivashkevich, said that the minimal market entry threshold at the purchase of historic sites amount to $30-40 million and over.

“A typical building in Moscow with an area of 4-6,000 square meters, which could be suitable for a hotel, will cost between $4,000 and $5,000 for square meter. Investments in reconstruction and decoration might be of the same amount or even twice as much,” Mr. Ivashkevich said.



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