Intercontinental Hotels Group (IHG) and developer Crocus Group have signed a deal to build the worlds largest $100m (£71.3m, €77.6m) Holiday Inn in Moscow, Russia.

The 1,000-bedroom hotel, is expected to open in 2014 as part of the Crocus City development in the city's Krasnogorsk area, and will feature three restaurants, 1,200sq m health club and a 2.500sq m of meeting facilities. IHG will operate the hotel under a 20-year management agreement. The retail and leisure complex, Crocus City, occupies 90 hectares and includes two trade and entertainment venues, three exhibition pavilions, a helipad and shopping centre.

Kirk Kinsell, president of IHG Europe, Middle East and Africa, said: "It's rewarding for us to be able to sign such significant long-term deals with our investment partners in the current economic climate and shows our partners understand the benefits of building IHG branded hotels." Aras Agalarov, founder and president of Crocus Group, said: "We are always looking to work with partners on innovative and ambitious projects that anticipate and meet the future needs of Russian consumers. The opportunity to create the world's biggest Holiday Inn at Crocus City in Moscow is one of those projects."

There are already seven IHG branded hotels in Russia including six Holiday Inns, and one Crowne Plaza, with a further 13 in the pipeline.