Moscow Hotel Deal Sours: Another U.S-Soviet joint...
From Times Staff and Wire Reports
Moscow Hotel Deal Sours: Another U.S-Soviet joint venture stumbled Friday when the Irvine developer of a hotel-office complex in Moscow disclosed that its Soviet partner had abruptedly announced plans to cancel the project. In a statement late Friday, Americom International Corp. said the Soviet partner, Intourist, has notified the Irvine company that it will terminate the venture Aug. 6 unless certain financing commitments are met. Americom, Intourist and the Radisson Hotel Corp. are developing the first Western-managed hotel and business complex in the Soviet Union. The American Trade Center already has several tenants and was scheduled to open officially later this year with 430 hotel rooms and 165 office suites.
