B&N Banks bought the luxury Moscow hotel National from the Russian Government for $148 million.
The hotel is a historic landmark in the heart of Russia’s capital across the street from the Kremlin. The 200-room hotel’s starting price at auction was 5.483 billion rubles ($148 million), There were two bidders at the auction, the second company being Traders Group TG .
The hotel is operated by Starwood Hotels and Resorts under The Luxury Collection brand. It was sold because Moscow Mayer Sergei Sobyanin initiated a massive privatization of municipal property to cover a $5-billion budget deficit.
Source: Ria Novosti