The luxury hotel operator, through its subsidiary, Raffles International (Russia) has signed an agreement with JSC Moskva Krasnye Holmy to manage the hotel under its Swissôtel brand in a deal which represents Raffles’ first venture into the Russian market.

The 34-storey Swissôtel Riverside Towers – which will offer meeting and convention rooms and six bars and restaurants – is currently under construction on the eastern tip of the Kremlin Island, between the Moscow River and the Obvodny Channel and close to the Moscow International House of Music Performance Arts Centre.

It will also offer a 750sq m Amrita Spa & Fitness centre, comprising an indoor swimming pool, spa pool, gym, separate male and female saunas, five treatment rooms and a juice bar.

The 15-year management contract, which is Raffles’ fifth in the past 15 months, is in line with the company’s objective of expanding its global portfolio through a mix of management and lease contracts to pursue an asset light strategy.

Deputy chief executive of Raffles Holdings and executive director of Raffles International, Ms Leong Wai Leng, said: “Based on reports by the Russian Federal Statistics Service, the country’s tourism market is fast growing and the rise in foreign visitors to Moscow is 10 times higher than the world average. It is therefore timely for Raffles International to participate in this growing market.”

Mr Zeki Isin, general director of JSC Moskva Krasnye Holmy, added: “Although Moscow is one of the most frequently visited cities for corporate business travellers, there is a noticeable shortage of high-class business hotels.

“We are excited to be working with Raffles International to satisfy this niche market with the five-star business hotel, Swissôtel Riverside Towers.” Details: www.rafflesinternational.com

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