Interros has invested about $130m in the real estate market, SergeyAleksashenko, deputy chairman of the holding company Interros, said in aninterview with RosBusinessConsulting. The majority of investments were incommercial real estate and partially in sites that were constructed for thecompany's purposes. However the holding has already started investing inthe hotel business. The first site was opened in September 2002. It is thethree-star hotel Novotel that is managed by the Accor company. The volumeof these investments has amounted to $35m, not taking into accountinvestments in infrastructure.According to Aleksashenko, the holding company attracted Accor, an operatorof the hotel market, to managing the hotel, because the hotel market is newfor Interros. At the same time Aleksashenko did not rule out thepossibility that Accor might become a shareholder in the hotel. Currently a70-percent block of shares in the hotel belongs to Interros-Estate and a30-percent stake to the Moscow government.Speaking about the holding's perspectives on the market of office rentals,the deputy CEO pointed out that in Moscow and Russia the conditions ofcompetition were very liberal. However, he believes that in a 10-15 yearperiod a consolidation of fixed assets will be impossible in this segmentof the market. "If Interros manages to occupy a large share on the marketof commercial real estate, it will not exceed five percent", he specified.According to Aleksashenko's estimations, due to the opening of Novotel, theholding's share on the Moscow hotel market is lower than one percent..