Russia nationalizes Four Seasons hotel – lawyer
A Russian court has ordered the nationalization of a building that houses the five-star Four Seasons Hotel in Moscow, RBK has reported.
The property is one of several assets seized from convicted businessman Aleksey Khotin and transferred to the state, his lawyer told the business daily.
Khotin, a former co-owner of Yugra Bank, was sentenced in March to nine years in prison for the embezzlement of 23.6 billion rubles ($240 million).
Khotin’s lawyer, Pavel Khlyustov, told RBK on Wednesday that the defense plans to file an appeal.
The outlet reported in early April that the Meshchansky District Court had impounded the facility on Okhotny Ryad street, including the ‘Modny Sezon’ shopping gallery. The restrictions also affected part of the premises of the Four Seasons Hotel Moscow, located in the same building as the gallery. The hotel premises were seized in early June.
According to Russia’s Federal State Registration Service (Rosreestr), the decision affects at least 34,000 square meters of property.
The Four Seasons Hotel Moscow is a modern replica of the legendary Hotel Moskva, originally opened in 1935. It is located a few paces from Red Square and the Kremlin, overlooking the colorful domes of St. Basil’s Cathedral.
The hotel in Moscow was operated by the Canadian Four Seasons Hotels and Resorts from its opening in 2014 until 2022, when the chain pulled out due to Western sanctions on Russia over the Ukraine conflict. The Four Seasons Moscow continues to use the name, although it is no longer part of the international chain.
In 2017, the Russian Central Bank revoked the license of Yugra Bank, the country’s 30th largest lender by assets at the time. The CBR cited shady operations with asset withdrawals and deposits. Yugra had reportedly accumulated about $3 billion in deposits by offering clients unusually high returns. The raised cash was then apparently used to bankroll Khotin’s business projects.
Three other defendants in the Yugra case were also found guilty of large-scale embezzlement. However, none of them have admitted guilt. Khotin has filed an appeal against the court verdict.
