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. Last Updated: 07/27/2016

Sheraton To Manage Palace Hotel

International hotel chain ITT Sheraton will make its debut in Moscow this week, replacing Austria's Marco Polo Group as the manager of the upscale Palace Hotel on Tverskaya Ulitsa.

"We were under the management of the Marco Polo Group and soon the Sheraton will be taking over," Natalya Neirynck, the Palace's public relations manager, said Monday.

U.S.-based ITT Sheraton, which has long been tipped to take over management of the Palace, is set to formally announce the deal at a press conference Wednesday. The management transfer is due to become effective the same day.

Sheraton officials in Rome could not be reached for comment Monday.

The Palace Hotel, which opened its doors in February 1993, will be renamed the Sheraton Palace.

The transfer will mark the end of Marco Polo's hotel management business in Russia. Sheraton has already taken over management contracts from Marco Polo for St. Petersburg's Nevsky Palace and the Metekhi Palace in Tbilisi.

Moscow's Palace Hotel is a joint venture between AcademInvest, a company set up by the Russian Academy of Sciences, and ABV Leasing, an Austrian group.

Neirynck said she expects prices at the hotel to remain the same until the end of the year.