Russian property company Sistema-Hals has announced the acquisition of 100% of the Hotel Peking located at the Central Administrative District of Moscow from local tourist company Intourist for an undisclosed amount. The scheme will be redeveloped as a hotel and office complex.

'The project involves the rejuvenation of the hotel, being in tune with the current requirements, but saving the hotel's historical function and architectural individuality,' Sistema-Hals said in a statement.

The three-star property will be upgraded to meet five-star hotel standards.

Designed by architects Dimity Chechulin, the hotel was completed in 1955 as part of the post-war redevelopment of Moscow. It offers a total of 122 rooms and suites, restaurants and bars, a small gym, a business centre with basic office facilities, and a modern conference hall for mid-size meetings and events.