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God buys Ukraina hotel in Moscow

29 November 2005

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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Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

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