The Hilton Worldwide hotel chain plans to expand on the Russian hotel market in 2018 with the opening of an upscale hotel on Moscow's central Tverskaya Ulitsa, according to a company statement released Monday.
Hilton executives have signed an agreement with Moscow-based construction firm Mospromstroi to renovate an old hotel built in the 1890s at 10 Tverskaya Ulitsa and turn it into a new hotel known as the Hilton Moscow Tverskaya Luxe, the statement said.
A total of 6.6 billion rubles ($102 million) will be invested in the new Hilton, which will contain 220 rooms and 52 suites spread out across 47,000 square meters of real estate.
“We are very glad of the opportunity to work with Mospromstroi to return this Moscow hotel with such a rich history back to the market under our flagship brand,” said Patrick Fitzgibbon, senior vice president of development for Hilton Worldwide in Europe and Africa.
Hilton and Mospromstroi first worked together in 2008, when the U.S.-based hotel chain opened its Hilton Moscow Leningradskaya Hotel in one of Moscow's iconic Stalin-era skyscrapers known as the “Seven Sisters.”
Fitzgibbon said Hilton hopes the new hotel will strengthen the company's position on the Moscow market, noting the city is ranked among the 10 most popular tourist destinations in Europe.