NEW YORK According to a recent survey of international cities with the most expensive hotels, Moscow has fallen from fourth to seventeenth place over the course of the past year. Russia s northern capital, St. Petersburg, has moved up from fifteenth place to eighth. Fierce competition in Moscow is given as the reason for the reduction in price of business-class rooms. St. Petersburg has no such competition, as it has three times fewer business-class hotels than does Moscow. According to the director of OAO Petersburg Hotels, the city needs some 10,000 more hotel rooms. Investors are becoming more active: a 166-room Radisson SAS is due to open in 2001 and the 200-room Severnaya Korona Hotel is also nearing completion. (11/27/00) SOURCE: HVS International
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