In accordance with the agreement achieved by the Armenian and Moscow governments on founding Moscow-Armenian Trade-Financial Company (MAC), the construction of a new hotel to be exploited since 2007 will be started in Moscow. The corresponding decree was issued by Moscow mayor Yuri Luzhkov. As a representative of the department for foreign affairs of the city told RIA Novosti, the hotel will be built at the land that belongs to a nursery school. As a compensation for the territory of about 0,6 hectare, MAC undertook the obligation to reconstruct the building of another nursery school for the children to attend.