Intercontinental Hotels Group (IHG) plans to open 100 hotels in Russia and the Commonwealth of Independent States (CIS) by 2020.
The news comes as the firm's chief executive for Europe, Angela Brav, takes part in a trade mission to Russia with Prime Minister David Cameron to boost ties between Britain and Russia.
The new hotels are expected to create more than 8,000 new jobs for local people in addition to the 2,500 already working at the 16 IHG hotels across Russia and the CIS.
IHG first entered Russia in 1998 when it opened the Holiday Inn Vinogradovo in Moscow. Thirteen years later, it is expanding into regional centres and new fast-growing cities such as Samara, Ekaterinburg, Chelyabinsk, Novosibirsk and others.
The company said it would continue to grow in Moscow and St Petersburg and work with local investors to introduce managed and franchised hotels across the country, where there is a need for internationally branded hotels.
Brav said: "We see a huge opportunity to grow our hotel brands, such as Crowne Plaza and Holiday Inn, in Russia. We want to help bring people from around Russia and the rest of the world to experience the country's rich cultural heritage and natural wonders, from Red Square and the Kremlin in Moscow to the stunning Lake Baikal in Siberia.
"In Moscow alone, there are just over 9,000 international standard rooms, which is equivalent to around 10% of the hotel rooms in London, so there is still a terrific opportunity for international hotel operators with a presence here. We're working with Crocus Group to build Europe's biggest Holiday Inn here in Moscow, with 1,000 rooms, due to open in 2014."
IHG also announced it was opening the Moscow branch of the IHG Academy in February 2012 to deliver international standard hospitality training in Russia.
By Neil Gerrard
E-mail your comments to Neil Gerrard here.
If you have something to say on this story or anything else join the debate at Table Talk - Caterer's new networking forum. Go to www.caterersearch.com/tabletalk
Looking for a new job? Find your next job here with Caterersearch.com jobs