News Summary: Moscow's Hotel Metropol auctioned

AP News
Posted: Aug 30, 2012 1:12 PM

CHECKING OUT: The Hotel Metropol was sold Thursday for $275 million in an auction organized by the Moscow city government as part of its privatization program.

CHECKING IN: The buyer was Azimut, a major Russian hotel chain that rented the Metropol from the Moscow city government, Russian media reported.

ROOM SERVICE: Moscow, with a perpetual shortage of hotel rooms and a business culture that adores ostentation, is an attractive market for high-end hoteliers. The Metropol offers plenty of curb-flash. It's one of Moscow's most distinctive buildings: a cheery Art Nouveau confection in a city where buildings mostly seem to glower.