Three former apartment buildings around the Lubyanskaya Square in central Moscow will be reconstructed to become five-star hotels. This was disclosed by the assistant head of management of the "China Town" territory, Vasily Pankratov. According to him, the project of building three new hotels in the quarters adjoining the Lubyanskaya Square- in Staropansky, Bogoyavlensky and Bolshoy lanes is currently at full speed.
Hotels will be built in 2011-2012. Pankratov explained that to build three-star hotels in central Moscow is impossible because they will not pay off on such expensive land, you will need to allocate money from the budget, so nobody will do that. He added that all three-star hotels are under construction and will be based primarily along the perimeter of the center of the capital city.