International Hotel Investments, owners of the Corinthia Hotels Group, inked a deal to acquire a landmark property in Moscow with a consortium of investors.
IHI is set to open a hotel with 54 suites and serviced residences on the property in 2021.
The property has a storied history, from its heyday as the 19th-century Hotel de Luxe -- built by the Filippov family, well-known Moscow bakers who also had a bakery there -- to an office building during the post-Soviet era.
The hotel will to be located at 10 Tverskaya Street, Moscow's principal avenue leading to the Kremlin and Red Square.
The property will retain its listed facade, and the development will also include high-end retail shops.
IHI entered Russia in 2002 with the acquisition and redevelopment of five historic properties on the main boulevard in St. Petersburg, including the Corinthia Hotel St. Petersburg and the Nevskij Plaza Retail and Commercial Center.