CITY Developments’ (CDL) continued its foray into foreign lands following yesterday’s signing of a US$125-million ($183-million) joint venture in Russia with Golden Orchard Hotels, a member of the Amtel Group of Companies.
“Russia is fast becoming an important eastern European market and Moscow is the perfect place to establish our first foothold in this rapidly developing city,” said Mr Kwek Leng Beng, executive chairman of CDL.
Under the agreement, CDL and Golden Orchard Hotels will each take a 50-percent stake in Soft Proekt, owner of the Iris Congress Hotel and a nine-storey serviced apartment building in Moscow.
“We are confident that with CDL’s proven track record in managing awardwinning serviced residences around the world, we can set higher standards for Russia’s hospitality sector,” said Dr Sudhir Gupta, founder and chairman of the Amtel Group of Companies.
There are plans to build a mixed-use development on the vacant plot of land next to the eight-storey hotel. Details of the new development are being finalised but will include conference and business facilities, food and beverage outlets and a carpark.
It is believed that CDL subsidiary Millennium & Copthorne Hotels will manage and operate the hotel which is likely to be re-positioned as a Copthorne property.
The Iris Congress Hotel currently has more than 200 rooms, 13 conference rooms, three bars and restaurants, and recreational facilities like a fitness club and swimming pool.
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