The landmark Metropol Hotel in Moscow has been sold off by the city government in a high-end auction. Okhotny Ryad Deluxe acquired the property for 8.87bn rubles (€220m).
Moscow city government has sold off the historic Metropol Hotel. The sale is part of a wider privatisation programme began in 2004 which involves the sale of thousands of publicly-owned non-residential properties in Moscow. Okhotny Ryad Deluxe, a subsidiary of the company which operates the establishment, has won the bid with an offer of 8.87bn rubles, equivalent to €220m.The 362-room art-nouveau building, constructed in 1901, underwent renovation works for the last time in 1991 after which it was awarded five-star status. The hotel is famous for its collection of antique paintings and furnishings, which were not included in the sale, as well as for having temporarily served as a government building, Lenin giving numerous speeches there, and for hosting celebrities such as Michael Jackson and Montserrat Caballé.
