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R.G.I. International gets approval for new hotel development.

M2 EQUITYBITES-April 16, 2012-R.G.I. International gets approval for new hotel development(C)2012 M2 COMMUNICATIONS http://www.m2.com

R.G.I. International Limited (AIM:RGI), a developer of residential and commercial properties in Moscow and the surrounding areas, confirmed today that a previously amended project contract has been permitted by the Moscow Government's Urban Development Committee (GZK).

The proposed 160-bed hotel city centre development is located within the Garden Ring at Zemlyanoy Val St., bld. 70-1 and Russian architect Yury Grigoryan, who designed RGI's retail development Tsvetnoy Central Market building, has already created a concept.

Originally RGI had planned an office development on the site but this was changed in 2009 in favour of a three- or four-star hotel.

Construction work on the project is expected to take around four years.

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Date:Apr 16, 2012
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