Moscow’s oldest hotel, the Metropol, was sold Thursday for 8.874 billion rubles ($275 million) at an auction organized by the Moscow city government as part of the national privatization program.

The buyer was Azimut, a major Russian hotel chain that had been renting the Metropol from the Moscow city government.

The Metropol, built in 1899-1907 in the Art Nouveau style, was the product of a unique collaboration of architects: William Walcot, Lev Kekushev, Vladimir Shukhov and artists Mikhail Vrubel, Alexander Golovin and Nikolai Andreyev.

As the legendary hotel is privatized, it will retain its status. The owner will be responsible for maintaining its historic heritage.

Azimut will receive the building and interiors, but all the antique furniture and pictures will remain state property.