Moscow authorities to sell stake in Hilton Leningradskaya
2010-08-30
The Moscow authorities are to sell the entity's 30% share in the revenues of the Hilton Leningradskaya Hotel in Moscow. The hotel, of which the controlling share is owned bySadko Hotel, is located in one of the “Stalin’s skyscrapers" in the centre of Moscow. According to the investment contract with the developer, the city’s share in the hotel revenues amounted to 30%, which the city was not able to get from Sadko Hotel due to erroneous wording of the investment agreement. This resulted in the city council failing to defend its position in the courts of several instances. The city property department has recently applied to the Highest Arbitrary court but Moscow mayor Yuri Luzhkov decided to sell the stake, not waiting for the highest instance’s decision.
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