| 13 December 2007
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There will be Lotte hotel in the capital
The first hotel owned by a South Korean corporation Lotte will be opened in Moscow in two years, announced General Manager of the Lotte Hotel in Seoul Tiger D.Dzhong. The hotel in Moscow - Lotte Plaza comprising 250 rooms - is under construction in the city centre at the intersection of Novy Arbat and Sadovoye Koltso Streets.
The hotel is going to be the second part of Lotte Centre including a supermarket and a business centre. The first stage of the Russian complex is already in operation.
The project advancement in the Russian market is carried out by Lotte Rus, a subsidiary of Lotte Group. Lotte Construction is responsible for the construction. About $200 million were spent on the construction of the trading and business part. The same amount will be invested in the second stage - construction of a five-star hotel. Nevertheless, the Russian travel agents received the news about the opening of Lotte Plaza with little enthusiasm.
According to them, there are not enough middle class hotels in Moscow, but there are plenty of luxury ones. Experts however do note that five-star hotels still enjoy popularity, especially during the high season and that the Lotte hotel in Moscow isn't going to experience shortages in guests.
The construction of the second part of the building - a 250-room five-star hotel, with a total area of 60,000sq. m - is expected to be finished in the second half of next year.
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