In a bold move, a Russian court has ordered the nationalization of a massive property that includes the luxurious Five-Star Four Seasons Hotel in Moscow. This historic building is located near Russia’s most famous landmarks: Red Square, the Kremlin, and St. Basil’s Cathedral, putting it at the heart of Moscow. Until recently, the hotel was known for hosting VIPs, international guests, and wealthy travelers. But this takeover story is more than just about prime real estate—it’s a tale of scandal, high-stakes business, and the fallout from one man’s financial downfall.
The hotel’s fate is tied to a Russian businessman named Aleksey Khotin, who once enjoyed great wealth and influence. Khotin was a co-owner of Yugra Bank, one of Russia’s top lenders, and used his bank’s funds to fuel his personal projects. But things took a dramatic turn this year. In March, a Russian court found Khotin guilty of embezzling a staggering 23.6 billion rubles, which is about $240 million. For this crime, he received a nine-year prison sentence. Soon after, the government started eyeing his assets, one by one.
Khotin’s property empire included the Four Seasons Hotel in Moscow, which shares a building with the ‘Modny Sezon’ shopping gallery on Okhotny Ryad Street. This large complex, covering around 34,000 square meters, is now in the Russian state’s hands, following the court’s ruling. However, Khotin’s lawyer has promised to fight the decision, filing an appeal to reclaim this high-profile property. Despite the appeal, authorities seized control of the hotel space in June.
The hotel itself has a rich history, being a modern replica of the famous Hotel Moskva, originally built in 1935. It reopened as the Four Seasons Moscow in 2014, managed by the luxury Canadian brand Four Seasons Hotels and Resorts. The brand pulled out in 2022 after Western sanctions were imposed on Russia due to the Ukraine conflict, but the hotel kept the Four Seasons name. Today, it operates independently, but it still bears the international brand’s exclusive allure.
Khotin’s downfall began when Russian authorities revoked Yugra Bank’s license in 2017, accusing the bank of risky practices with customer funds and offering high returns to attract deposits. The bank’s failure and Khotin’s controversial financial dealings eventually led to this large-scale government seizure of his assets.
The Four Seasons Hotel in Moscow may continue to offer luxury, but its new ownership and the scandalous story behind it add an air of intrigue. It’s now a symbol of what can happen when power, wealth, and ambition collide with the law in one of Russia’s most high-profile cases.
