2009-05-25
IHG (InterContinental Hotels Group) and Crocus Group have signed a deal to build the world’s biggest Holiday Inn hotel in Moscow, with an investment of more that $100M from Crocus Group.
Under the historic 20 year management contract, construction is scheduled to start on the 1,000 bedroom hotel in 2011 with the hotel set to open in 2014. It will be located in Crocus City in the rapidly developing Krasnogorsk area of Moscow. There are seven IHG branded hotels open in Russia and a further 13 in the pipeline making IHG the largest international hotel operator in Russia. The eighth Holiday Inn in Moscow will have meeting facilities occupying 2,500 square metres, three restaurants and a 1,200 square metre health club. Kirk Kinsell, president, IHG Europe, Middle East and Africa, says: “Ten years ago we opened our first Holiday Inn in Moscow. In five years we’re going to open the world’s biggest Holiday Inn in this wonderful city. This deal marks a seminal moment for IHG and shows the progress we are making in this important gateway city”. Kinsell continues: “It’s rewarding for us to be able to sign such significant long-term deals with our investment partners in the current economic climate and shows our partners understand the benefits of building IHG branded hotels”. Aras Agalarov, founder and president, Crocus Group, says: “At Crocus, we are always looking to work with partners on innovative and ambitious projects that anticipate and meet the future needs of Russian consumers. The opportunity to create the world’s biggest Holiday Inn at Crocus City in Moscow is one of those projects”.
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