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Moscow Stalinist Hotel Sold At Auction

Moscow's Ukraina hotel (file photo) (epa) 23 November 2005 -- One of Moscow's famous Stalinist skyscrapers, the Ukraina Hotel, was sold today at an auction for more than $270 million.

The new owner, a Russian company, paid nearly twice the starting price of $151 million.

Moscow authorities decided to sell the city-owned building because of the expense of upkeep. Any renovation of the hotel is expected to cost at least $70 million.

The 34-level Ukraina hotel was built in the 1950s and was meant to be Soviet leader Joseph Stalin's answer to the skyscrapers of New York.