Moscow’s city government plans to auction off the tsarist-era Metropol Hotel near Red Square next month, Vedomosti reported, citing an unidentified official.

Bidding in the Aug. 30 auction will start at 8.7 billion rubles ($265 million), the newspaper reported today.

Metropol, built 1901, currently has 363 rooms, according to Vedomosti.

To contact the reporter on this story: Stepan Kravchenko in Moscow at skravchenko@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net