While no agreement has yet been signed, Arab luxury hoteliers Jumeirah Group have confirmed that they will enter the Russian market as operators of the new Tsarev Sad complex. The Jumeirah Group are recognized as one of the world’s most prestigious hotel operators; the group gained world-wide attention with the development and launch of the Burj Al Arab hotel in Dubai. The group currently have some 22 luxury projects in development around the world.
The proposed project in Russia is worth an estimated $300 million. The Tsarev Sad complex of apartments was developed by Sberbank Capital serviced apartments; these exclusive properties will feature 70,000 square meters of office space, apartments, a spa, a fitness club and parking. The complex is being built opposite the Kremlin in central Moscow, on Bolotny Ostrov road (known as Balchug Island). The area around the Kremlin is already home to Russia’s most prestigious hotels and shopping destinations.
If the deal goes ahead, one of the Jumeirah Group’s companies, Jumeirah Restaurants, will open its first franchised restaurant at the Tsarev Sad complex this September. The news comes on the heels of an announcement by Jumeirah Restaurants that they will also open 10 Noodle House franchises throughout Moscow and St.Petersburg.
Although work is underway at the site of the Tsarev Sad, insiders don’t expect the complex to open for at least two years.