Hilton Set for Second Attempt At Hotel Management in Sochi
- The Moscow Times
- Jul. 22 2013 17:30
- Last edited 17:31
Hilton Worldwide is set to manage a hotel in Sochi’s largest residential complex, Actor Galaxy, a news report said Monday.
The agreement between the developer of the project, MR Group, and the hotel chain is in its final stage, Vedomosti reported, citing two real-estate consultants familiar with the project.
The four-star hotel will be opened under the brand DoubleTree by Hilton. It will have a total area of 16,000 square meters and will include about 200 rooms, an MR Group representative confirmed.
The large-scale Actor Galaxy complex, with a total area of over 130,000 square meters, is planned to open in late 2013 on the Kurortny Prospekt, Sochi’s main street. Hilton Worldwide will only be responsible for managing the complex’s hotel and its infrastructure, the representative said.
The total investment in the Actor Galaxy complex could reach up to $390 million, said Stanislav Ivashkevich, deputy director of the hospitality industry at the commercial real estate firm CBRE.
This is not the first time Hilton Worldwide has made an attempt to get a foothold in Sochi.
Billionaire Vladimir Potanin’s company, Roza Khutor, planned to open two hotels under the Hilton brand, but the facilities eventually wound up under the management of French hospitality group Accor.