Billionaire Lauder Forms Moscow Hotel Venture, Vedomosti Reports

U.S. billionaire Ronald Lauder, a shareholder in cosmetics maker Estee Lauder Cos., invested about 12 billion rubles ($423 million) for a stake in a hotel venture with Moscow’s city government, Vedomosti reported.

Lauder will have 20 percent of the Gostinichnaya venture, which will control the city’s stakes in 15 hotels in the Russian capital, including the Hotel Moskva near Red Square, the newspaper said today, citing unidentified city officials.

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