Fairmont to Spruce Up Historic Hotel Pekin

Eyeing the future prospects of the local market, Fairmont Hotels & Resorts, renowned for iconic luxury accommodations such as The Plaza in New York, announced it will restore the historic Hotel Pekin to bring Moscow its first Fairmont-branded hotel.

Last week Fairmont signed a deal with Hals-Development, a commercial and residential real estate developer in which VTB holds a 51.24 percent stake. The project includes expansion, with a business tower to add 950 square meters for conferences and meetings, 98 expansive rooms and suites to its current 137, and a spa with a fitness center.

At this stage in the planning, Hals-Development expects investments to reach more than $100 million.

But the time needed to complete building plans and meet city requirements will force construction to wait until December 2013, at which time the hotel will be closed. Hals then expects the restoration to be completed by 2017, and the hotel will reopen under the new brand — Fairmont Pekin Moscow.   More Read

The Moscow Times