HomeTourismUnused telephone exchanges in Moscow have again decided to be turned into...

Unused telephone exchanges in Moscow have again decided to be turned into hotels

AFK Sistema, which owns several dozen former automatic telephone exchanges in Moscow, is again thinking about turning unused buildings into hotels. In particular, a three-star hotel with 145 rooms should open on the site of the ATS on Profsoyuznaya Street near the Teply Stan metro station. Another facility is located on Novy Arbat – a four-star hotel with 242 rooms, as well as 24 apartments, is planned here.

The idea is not new, it has been discussed for more than 10 years, and real prospects appeared before the World Cup. In 2018, Sistema planned to open an apart-hotel on Profsoyuznaya under the Cosmos Stay brand, and by 2020 to create an entire chain of hotels based on ATS. The average investment in one project was then estimated at 350 million rubles. However, the program was never implemented, as explained “Vedomosti” President of Cosmos Hotel Group Andrey Biba, due to external reasons.

Now the situation has changed, investors have become more interested in investing in hotels, experts say. According to Sergei Tolchin, general director of the tour operator Turplatform, at one time office premises and, for example, apartments brought higher capitalization and return on investment than hotels. And hotels on sites such as ATS, against this background, did not look like the most attractive investment with long payback periods. Now the chances for investors in the hotel business have increased. “The tax regime for hotels in terms of VAT has changed. A state support program for hotel investors has appeared. Well, and most importantly, over the past couple of years the structure of demand has changed significantly towards domestic tourism, where even without a widespread restoration of incoming tourist flows, there has been a significant increase in demand for hotel accommodation services,” explained Sergei Tolchin.

In mid-February, we wrote that the co-owner of the tour operator Alean, Ilya Umansky, bought the Hilton Garden Inn Moscow New Riga 4* hotel in Istra, Moscow Region. Despite the fact that Alean is developing a chain of hotels under the Alean Collection brand, the name of the Moscow region hotel has not yet changed.

Source: Tourdom

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