On August 30, the city of Moscow will list the luxury Metropol Hotel for auction starting at an asking price of $297 million. The well-known tourist stop that features 362 rooms, two restaurants, nine banquet halls, 72 suites with tons of paintings and antique furniture, first debuted to the public in 1901.
Metropol Hotel gained 5 star status following its renovation in 1991. In October 2010, the city of Moscow ran into a financial snag that included a $5 million budget deficit, after Yuri Luzhov, the former mayor was ousted, now making authorities in charge of serious municipal property.
Sadly in 2009, the city authorities gained ownership over many historical buildings following the signing of a decree by Vladimir Putin.
Just this past December, B&N Bank co-owner Mikhail Gutseriyev bought the historic National Hotel courtesy of the city of Moscow for nearly $148 million.