Russian court rules to nationalize building housing Four Seasons Hotel in Moscow
Date
11/16/2024 8:56:02 AM
(MENAFN) A Russian court has ruled to nationalize the building housing the Four Seasons Hotel in Moscow, along with other assets belonging to convicted businessman Aleksey Khotin, according to RBK. Khotin, who was previously a co-owner of Yugra Bank, was sentenced in March to nine years in prison for embezzling 23.6 billion rubles ($240 million). Khotin's lawyer, Pavel Khlyustov, announced plans to appeal the court's decision.
The Meshchansky District Court had initially imposed restrictions on the property in early April, including the 'Modny Sezon' shopping gallery located within the same building. These restrictions later extended to the hotel, which was seized in June. According to Rosreestr, Russia’s Federal State Registration Service, the decision impacts at least 34,000 square meters of property.
The Four Seasons Hotel Moscow, a modern replica of the iconic Hotel Moskva, has been a landmark in the city since its opening in 2014. Located near Red Square and the Kremlin, the hotel was operated by the Canadian Four Seasons Hotels and Resorts until 2022, when it pulled out of Russia following Western sanctions related to the Ukraine conflict. The hotel continues to use the Four Seasons brand, although it is no longer affiliated with the international chain.
Khotin’s Yugra Bank, once the 30th largest lender in Russia, had its license revoked in 2017 by the Russian Central Bank due to irregularities in its operations. Khotin and several others involved in the case are accused of embezzling large sums, but they have denied the charges, with Khotin now seeking to overturn his conviction.
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