OREANDA-NEWS. On 07 August 2008 was announced, that Sozdanie (eng.: Creation) investment group is to invest over \\$200 million into the construction of Park Pobedy hotel and business centre set to be located within the area of Rubin plant near Kutuzovsky Avenue in Moscow.

“The volume of investments into Park Pobedy on Vasilisy Kozhinoy Street including the civil and erection works will exceed \\$200 million. The complex will contain offices of Class B+, a hotel, a car park, a galleria, a fitness centre, a cafe and restaurants. The total area of the hotel and business centre will be 136,000 sq m including the 60,000-sq m office space and the 250-room hotel,” Aleksandr Reprintsev, chairman of the board of Sozdanie, said at a ceremony of laying a capsule in the foundation of the object on August 6.

According to the official, the construction of the 4-star hotel and apartments are financed by the partner of Sozdanie at this project – JSC Moscow Television Plant Rubin, the site of which is used for development. A company to manage the hotel complex is currently being selecting.

“VTB Bank lodged a line of credit for the construction of the hotel and business complex in the first quarter of 2008, the loan proceeds work out 70 per cent of the base bid,” Mr Reprintsev noted.

Park Pobedy hotel and business complex is scheduled to be completed on August 2010.