OREANDA-NEWS  On 16 October was announced, that three former residential buildings near Lubyanskaya Square in the centre of Moscow are to undergo reconstruction and to become 5-star hotels.

“A project aimed at creating three new hotels in the blocks adjacent to Lubyanskaya Square, on Staropansky, Bogoyavlensky and Bolshoy Cherkassky side streets, is currently being implemented at full speed,” Vasily Pankratov, deputy head managing the area Kitay-Gorod, said.

All of these hotels will be allocated in the former dwelling houses to reconstruct.

According to the official, the hotels are to be under construction during 2011-2012, they will be 5-star ones.

“It is impossible to develop 3-star hotel in the centre of Moscow. They won’t be repaid on such an expensive land. It will require allocating the money from the budget, nobody will do this,” Mr Pankratov explained.

The deputy head managing the area Kitay-Gorod added that all of 3-star hotels were being developed and would be developed basically over the perimeter of downtown Moscow.

The official added that investment in hotels was the best one in Moscow. “The hotels in Moscow are repaid in 7-10 years,” Mr Pankratov noted.