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Hotel Construction in Moscow Suspended

05.02.2009

Several major hotel projects have been recently announced in Moscow; however, nearly all of them are likely to be put on hold till "better times", hotel market experts say.

As Rosinvestotel CEO Kirill Irtyuga has recently declared, the company plans to suspend 11 out of 15 its current projects. Azimut Hotels Company estimates that its first hotel will have been opened in Moscow by 2010, in the business area "Danilovskaya Manufactory 1867". The company does not comment on other projects, and prefers to postpone new acquisitions till the market stabilizes.

The overwhelming majority of hotel market players stick to the same strategy playing a waiting game.

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