City Developments is expanding into Russia by setting up a US$125 million joint venture with the Amtel Group of Companies. Under the deal, the joint venture will own the Iris Congress Hotel and a 9-storey serviced apartment building in Moscow.
The 8-storey Iris Congress Hotel has more than 200 rooms and facilities.
It is expected to be re-positioned as a Copthorne property and will be managed and operated by Millennium & Copthorne Hotels.
The joint venture plans to build a mixed-use complex on a vacant site adjoining the hotel.
The complex will include conference and business facilities, as well as food and beverage outlets, and a car park. - CNA/so
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