Source Pravda.Ru

International Hotel Consortium to Penetrate Russian Market from Nizhni Novgorod

A three-star hotel is to be built in Nizhni Novgorod as part of a new economy-class hotel chain in Russia. 'The international hotel consortium is ready to invest USD 32 million in creating the first ever hotel chain for the middle class,' Vice-President of Delta Capital Management Paul Price told a Rosbalt correspondent today. Delta Capital Management is just one member of the consortium.

Mr Price said that the project will take ten years to complete. 'There is a great demand for economy-class hotels in Russia today,' he said. 'Nearly all of the international hotels in Russia at the moment are aimed at VIP guests while members of the middle class are not provided for.'

The project to create a chain of three-star hotels is being carried out by Delta Capital Management (USA), Rezidor SAS (Denmark), the Investment Fund for Central and Eastern Europe (Denmark) and Swedfund (Sweden).