IHI plc, the owners of the Corinthia Hotels Group, announced a Corinthia Hotel & Residences project in Moscow. Located along Moscow’s main avenue between the Kremlin and Red Square, the property will become a luxury Corinthia Hotel with an element of high-end retail along the street.
IHI is acquiring a minority share in a company with a group of investors in order to purchase a property at 10 Tverskaya. The group currently has permits in hand to allow for up to 462,800 square feet of development behind the retained frontage. In addition to the luxury Corinthia Hotel, the consortium plans to create branded serviced apartments.
“We are very pleased to announce our second hotel and residences in the Russian Federation,” said Corinthia CEO Simon Naudi. “Our Moscow project will consolidate our Brand’s positioning at the top end of the Russian luxury hotel market."
IIHI first established a presence in Russia in 2002, when it acquired and later redeveloped five historic properties on the main boulevard in St. Petersburg. That space now houses the Corinthia Hotel St. Petersburg, the Nevskij Plaza Retail and Commercial Center as well as other commercial property.
A global collection of luxury hotels, Corinthia Hotels first began in 1962 in Malta. Since 2000, it has organized as the core business of a multifaceted public company, trading as International Hotel Investments plc.