Approximately $1.5 billion in investment is needed for the renovation of the All-Russian Exhibition Center (VVTs) in Moscow, the head of the center said on Friday.
“The approximate investment amount is $1.5 billion,” Alexei Mikushko said. “We are considering the establishment of the hotel sector out of range of historic buildings. He also said they plan to build a four-star and a five-star hotels for total 600 guests.
Mikushko said the reconstruction will take about five years. However, the ex VVTs CEO Ivan Malakhov previously said the reconstruction project could last till 2034.
Mikushko also said VVTs could get new museums, including museums of cinema, books, music and butterflies, a water park, dolphinarium, spa center with a swimming pool, tennis courts, playgrounds, restaurants, boutiques, a congress center and a huge movie theater. He added that all the VVTs pavilions will undergo renovation.
The VVTs, which is widely known by its Soviet-era name, VDNKh (the Exhibition of National Economic Achievements), opened in 1939. One of its main attractions is the Friendship of Nations fountain with 15 gilded statues symbolizing the former Soviet republics.