Raffles International Limited, through its subsidiary Raffles International (Russia) Pte. Ltd., has signed an agreement with JSC Moskva Krasnye Holmy, to manage a 235 bedroom deluxe hotel under the Swiss™tel brand. The hotel will be named Swiss™tel Riverside Towers, Moscow and is scheduled to open by May 2005.This contract, the fifth in the last 15 months, marks Raffles International’s first venture into the Russian hospitality and lodging industry. This agreement is an important step in developing the Group’s stated objective to pursue an asset light strategy, and expand its global portfolio of hotels through an appropriate mix of management and lease contracts.
Swiss™tel Riverside Towers, Moscow, is currently under construction. When completed, the 34-storey hotel will be one of the tallest buildings in Moscow.
Its facilities will include meeting and convention rooms, a spa and fitness centre, indoor swimming pool and six food and beverage outlets. The hotel is located on the Eastern tip of the Kremlin Island, between the Moscow River and the Obvodny Channel. 
It is close to the Garden Ring Road at Kosmodamianskaya embankment, dubbed the new business and culture district of Moscow.  Also located here is the 40,000 square-metre Moscow International House of Music Performance Arts Centre, which opened in September 2003.
Swiss™tel Riverside Towers, Moscow is 3km from the Kremlin, Moscow’s city centre with a multitude of palaces, armouries, churches and a medieval fortress that links the modern nation to its legendary past. The hotel is also only a 10-minute walk from the Paveletskaya Railway Station where the express train to Domodedovo International Airport can be boarded.

Mr Meinhard Huck, Managing Director Swiss™tel Hotels & Resorts, said: “We are delighted to have been appointed as the new operator of the most remarkable hotel project in Moscow.  We will appoint a high-calibre management team with the right knowledge to implement the quality standards of Swiss™tel Hotels & Resorts to this five-star business hotel. The hotel has an excellent location within the centre Moscow’s developing business district.”
Mr Zeki Isin, General Director of JSC Moskva Krasnye Holmy said, “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, Swiss™tel Riverside Towers”.
Ms Leong Wai Leng, Deputy Chief Executive Officer of Raffles Holdings Limited and Executive Director of Raffles International, 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.

This contract creates an excellent opportunity for us to be in such a vibrant new market and to augment our presence in Europe, particularly the newly emerging economies of this region.  It is also in line with our strategic objectives of expanding our geographical footprint and pursuing asset light growth.” 
Raffles International manages hotels and resorts under two brands, namely Raffles Hotels & Resorts and Swiss™tel Hotels & Resorts. With the addition of Swiss™tel Riverside Towers, Moscow, the Swiss™tel portfolio now expands to 25 hotels worldwide.
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