IHI PLC, owner of the Corinthia Hotels Group, is set to build a new Corinthia Hotel & Residences project in Moscow.
IHI is acquiring a minority share in a company being formed with a consortium of investors to acquire a landmark property at 10 Tverskaya, Moscow’s principal avenue leading onto the Kremlin and Red Square. The property has a listed façade and houses the 19th-century Filippov Bakery, but permits allow up to 462,800 square feet of development behind the retained frontage.
The consortium is planning to create a luxury Corinthia Hotel and branded serviced apartments. The property is expected to include high-end retail facilities as well.
IHI has had a presence in Russia since 2002, when the company acquired (and later redeveloped) five historic properties on the main boulevard in St. Petersburg, where the company now owns the Corinthia Hotel St. Petersburg, the Nevskij Plaza Retail and Commercial Center as well as other commercial property.
"We are very pleased to announce our second hotel and residences in the Russian Federation," Corinthia CEO Simon Naudi said in a statement. With the Moscow hotel, Corinthia will have luxury properties in both the political capital of Russia as well as Russia's cultural capital. "Our Moscow project will consolidate our brand’s positioning at the top end of the Russian luxury hotel market," Naudi added.