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 Sheraton Corp. and Pan American World Airways announced 
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that they and two Soviet partners will construct two world-class hotels within a mile of Red Square in Moscow.
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 U.S. and Soviet officials hailed the joint project as a new indication of the further thaw in U.S.-Soviet relations.
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 This is an outstanding example 
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of how the East and the West can work together for their mutual benefit and progress, 
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said Soviet Ambassador Yuri Dubinin,
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 who hosted a signing ceremony for the venture's partners at the Soviet embassy here. 
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 Commerce Secretary Robert Mosbacher, 
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who attended the ceremony,
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 called the undertaking a historic step in the evolution of U.S.-Soviet ties.
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 He added 
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that it likely will have a mulitiplier effect 
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in stimulating further trade between the two countries.
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 The project will be the largest U.S.-backed joint venture 
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to be undertaken in the Soviet Union in recent years.
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 One of the hotels,
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 to be called the Sheraton Moscow,
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 will have 450 rooms 
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and will cost an estimated $75 million
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 to build.
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purpose

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 The six-story hotel will be on Gorky Street
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 and initially will cater mostly to business travelers.
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 It will have a Russian tavern, an English pub, a discotheque and Japanese and Italian restaurants,
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 according to a Sheraton announcement.
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 The hotel is scheduled to open in 1992.
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 The second hotel,
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 to be called the Budapest Hotel,
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 is to be constructed at a site even closer to Red Square.
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 Details about its size and cost haven't yet been determined.
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 Sheraton, a subsidiary of ITT Corp., will have a 40% share in the two hotels;
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 Pan American, a subsidiary of Pan Am Corp., will have a 10% share.
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 The Soviet owners will be Mossoviet, Moscow's city governing body, and Aeroflot, the Soviet national airline.
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 Although a Finnish group has a minority interest in an already operating Moscow hotel,
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 the Sheraton-Pan Am venture will be the first joint-venture hotels in the Soviet Union 
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to have as much as 50% foreign ownership.
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 U.S. companies account for less than 8% of the 1,000 or more Soviet joint ventures 
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that have been announced
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 since the Soviets began encouraging such undertakings in 1987.
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 But some U.S. companies are negotiating projects 
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that could be among the biggest ones
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 to be launched.
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 Chevron Corp., Amoco Corp., Archer-Daniels-Midland Co., and Eastman Kodak Co. are among the U.S. companies
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 known to be considering such ventures.
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 Sheraton and Pan Am said 
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they are assured under the Soviet joint-venture law 
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that they can repatriate profits from their hotel venture.
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 The Sheraton Moscow will charge about $140 to $150 a day for each of its rooms,
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 and it will accept payment only in currencies
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 that can be traded in foreign exchange markets,
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 according to a Sheraton executive. 
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 Thomas Plaskett, Pan Am's chairman, said 
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the U.S. airline's participation is a natural outgrowth of its current arrangements with Aeroflot 
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to jointly operate nonstop New York-Moscow flights.
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 He said 
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the rising volume of passenger traffic on this route justifies a major investment in new high-standard Moscow hotels.
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