Relatives of late Russian businessman and lawyer Dmitry Shumkov have entered into ownership of a central Moscow hotel complex under construction, and are currently negotiating its sale.
In 2014, Shumkov purchased a building on Varvarka Street from the Moscow government. The contract value was estimated 3.4 billion rubles. Shumkov planned to convert the building into a five-star hotel with 320 rooms and invested about $300 million into its reconstruction, but died in December 2015.
Currently, the market price of the hotel project on Varvarka Street amounts to about 4 billion rubles, and a further 6 billion rubles are expected to be invested in its reconstruction.