04:58 GMT25 February 2020
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    Moscow government to auction luxury hotel National

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    The Moscow government intends to auction the hotel National, a historic landmark in the heart of Russia's capital and one of its most famous hotels, the city's government said on Tuesday.

    The Moscow government intends to auction the hotel National, a historic landmark in the heart of Russia's capital and one of its most famous hotels, the city's government said on Tuesday.

    The Moscow government intends to include the hotel's 100 percent share package in the city's privatization program for 2011-2013, it said in a statement.

    Moscow mayor Sergei Sobyanin, who replaced long-serving Yury Luzhkov last October, has inherited a $5 billion budget deficit and has initiated a massive privatization of municipal property. That began with the sale of a 46% stake in Bank of Moscow which was acquired by state-run VTB bank in February.

    Experts say the Hotel National's market price may reach 1.5-2 billion rubles ($54-72 million).

     

    MOSCOW, June 7 (RIA Novosti)

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