ABSTRACT
The company Expert Capital (owned by the Estonian businessman Hillar Teder) has put up for sale an unfinished 12-storey building on Moscow prospect in St. Petersburg. A three-star
hotel for 180 rooms was planned to be based there. According to Mr. Teder, the company constructed the building for the operator Intourist
Hotel Group. Investments in the project reached around RUB 390mn (EUR 9.06mn USD 13.58mn). At present, Expert Capital has difficulties with attraction of long loans. Around RUB 200mn are required to complete the project. However, Hillar Teder announces that the building will not be sold in the following 1-1.5 years. According to the head of projects of Intourist
Hotel group Aleksandr Bochurov, the deal to sell the building is to be accomplished until the end of November 2009. According to him, the facility costs RUB300mn. A
hotel, offices and shopping areas can be created in the building after sale.
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