Bavarian businessmen are ready to invest nearly three billion euros to build 10 hotels in Moscow, Deputy Mayor Yury Roslyak said on Thursday.
"These plans are quite realistic, and they will be carried out as part of our program to build more hotels in Moscow," Roslyak told reporters.
Moscow, Europe's largest city, has a significant shortage of affordable hotels.
Roslyak said that the construction of the first "Bavarian" hotels could start as early as next year. He also said that 10 plots of land were available on the outskirts of the capital which Bavarian businessmen were ready to use as building sites for the construction of hotels with 200-300 person capacity.
