Corinthia Hotels Group says it plans to open a luxury hotel and branded serviced apartments in Moscow in 2021.

The group is owned by IHI, which has joined a consortium in order to acquire a property at 10 Tverskaya, the Russian capital’s main avenue leading to the Kremlin and Red Square.

The property has a listed façade, but Corinthia has permission for 43,000 sqm of development inside, which would include the hotel, apartments and “an element of high-end retail.”

A spokesperson said there was a “loose schedule” for work in place, but the opening would be targeted for 2021.

Corinthia was founded by a family in Malta in the 1960s and bought by IHI in 2011.

The luxury brand has hotels in St Petersburg, London, Budapest, Prague, Lisbon, Khartoum, Tripoli and Malta.

Corinthia CEO Simon Naudi said: “We are very pleased to announce our second hotel and residences in the Russian Federation. Our Moscow project will consolidate our brand’s positioning at the top end of the Russian luxury hotel market.”