Businessman Victor Rashnikov is the new owner of the Renaissance Hotel in Moscow, says Vedomosti.

      City Hall decided to hand over one of the oldest Moscow hotels after Rashnikov filed lawsuits against the municipal authorities worth RUR 5 billion.

      He demanded compensation after the Moscow government made a U-turn on its earlier plans to build a hotel on the site of the former Rossiya Hotel which was demolished in 2006.

      The current plan is to turn this area into a huge park and recreation area.