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Corinthia’s Russian Reckoning: Maltese Chain To Build Luxury Hotel And Apartments Near Kremlin Palace

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Corinthia chairman Alfred Pisani said his chain is consolidating its position at the top end of Russia’s luxury hotel market

Corinthia will build and operate a luxury hotel and serviced apartments bang in the centre of Moscow, in what is the latest business move for the hugely successful Maltese hotel chain.

IHI plc, which owns Corinthia, confirmed today it has acquired a minority share in a consortium to purchase a property at 10, Tverskaya Street, Moscow’s main avenue which leads to the Red Square and the Kremlin Palace.

The property houses the 19th century Filippov Bakery but Corinthia and its partners have obtained permits that will allow up to 43,000m2 of development behind the retained frontage.

Filippo

The old Filippov Bakery in the centre of Moscow

“We are very pleased to announce our second hotel and residences in the Russian Federation,” Corinthia chairman Alfred Pisani said. “Our Moscow project will consolidate our brand’s positioning at the top end of the Russian luxury hotel market”.

It will be Corinthia’s second project in Russia, having run a hotel and retail centre in St Petersburg since 2002. The Maltese chain also owns hotels in London, Budapest, Prague, Lisbon, Tunis and Khartoum.

Here in Malta, Corinthia is trying to convert its landmark St Julian’s project into a six-star hotel, a business hotel and serviced apartments. However, it has faced considerable opposition, particularly over the €52 million price tag it has agreed to pay in order to be allowed to build apartments on the land.

READ NEXT: WATCH: Corinthia Chairman Insists Six-Star Project Will Give Malta ‘A More Sophisticated Image’

Tim is interested in the rapid evolution of human society and is passionate about justice, human rights and cutting-edge political debates. You can follow him on Instagram or Twitter/X at @timdiacono or reach out to him at [email protected]

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