The State Committee on Property Management announced Azinko Holding as a winner of investment tender on sale of 99.98% stock of Moscow hotel of Baku, Trend reports. The investor is committed to invest $157mln in the next 4 years.
The existing 37-storey hotel will become a modern hotel complex that meets the international standards. It will have 500 apartments, health and business centers, different offices, halls, game halls and rest places, restaurants with modern equipment, etc
As a result of the implementation of the investment project, within 4-
years there will be opened 300 new jobs. There are 19 people working in Moscow hotel now. The salaries will be gradually increased to 300 manats.
As of August 1, 2006 the hotel charter fund is 1,838,192 manat. The hotel debts amount 128,692 manat, including salaries, and equal debts of 76,331 manat. Notes payables amount 3,840 manat. The hotel was commissioned in 1980.