Opening Bid For Downtown Moscow Hotel Metropol To Start At $296.6 Million

The city of Moscow plans to sell downtown luxury hotel Metropol at a state-run auction this summer with an opening bid of 8.6 billion rubles ($296.6 million).

The 39,000-square meter, 362-room Metropol opened in 1901 and still retains its antique furniture and unique paintings along with 72 suites, two restaurants and nine banquet halls.

inherited a $5 billion budget deficit upon replacing long-serving Luzhkov in October 2010, and therefore has initiated a massive privatization of municipal property.

The city of Moscow sold the nearby historic National hotel to B&N Bank co-owner Mikhail Gutseriyev for about 4.674 billion rubles ($148 million) last December.

Source: En.Ria

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