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Moscow's Hotel Ukraina will be sold at an open auction with a starting price of $139.2 million
Moscow's Hotel Ukraina will be sold at an open auction with a starting price of $139.2 million (4.4 billion rubles), an official at the Moscow city Property Management Department said Wednesday. "The closing date for submission of bids was last Friday. Nine companies are expected to take part in the auction," the official said. The winner will also have to settle the hotel's $5 million debt on a renovation program. The auction is part of City Hall's ambitious plan to modernize the capital's hospitality industry, including the recent demolition of the Moskva Hotel and the rebuilding of the Intourist Hotel.
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