God buys Ukraina hotel in Moscow

29 November 2005
God buys Ukraina hotel in Moscow

Investment in the Russian property market is looking up after God bought the Ukraina Hotel in Moscow for nearly 8 billion rubles (£160m).

God Nisanov, general director of a little known company called 000 Biskvit has until 10 December to complete the deal for the impressive 1,000 bedroom hotel.

The final price of 7.88 billion rubles was reportedly 80% above the auction's starting price of 4.36 rubles (£89m).

Questions have been raised as to whether God is working in mysterious ways, posing as a front for a secret bidder, but he has so far denied the claims.

Mark Wynne-Smith, European chief executive officer for property consultants Jones Lang LaSalle Hotels, said the deal showed the potential investors believe is in the Russian hotel market.

He added: "It raises interesting questions about the value of the current international hotel stock and whether investors should seek to sell and take profits."

By Emily Manson

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