Jumeirah to Manage Sberbank’s Hotel Near Kremlin, Vedomosti Says

Jumeirah Group, which manages the Burj Al Arab hotel in Dubai, won the contract to manage the Tsarev Sad apartment hotel near the Moscow Kremlin, Vedomosti reported, citing unidentified people familiar with the matter.

Sberbank Capital, a unit of Sberbank, Russia’s largest lender, and its partner Midland Development, plan to invest about $300 million to build 72,000 square meters of apartments and offices at Tsarev Sad, the newspaper said.

To contact the reporter on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

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