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What the World Needs Now is a Giant Budget Hotel

Hot on the heels of Hilton announcing the launch of its new luxury lifestyle brand — at a rather unfortunate time for luxury hotels, incidentally — Intercontinental Hotels Group has announced plans to build the world's largest Holiday Inn in Russia.

IHG inked a deal with Crocus Group to develop the massive Holiday Inn with 1K rooms in Moscow, which comes as welcome news at a time where many folks feel that what the world really needs now are budget hotels (sweet budget hotels) and not so many luxury properties.

According to the press release:

Under the historic 20 year management contract, construction is scheduled to start on the 1,000 bedroom hotel in 2011 with the hotel set to open in 2014. It will be located in Crocus City in the rapidly developing Krasnogorsk area of Moscow.

It's difficult to believe anyone has their sights set on opening up a hotel with such a staggering volume of rooms in this economic climate, but we're hoping things will be better by 2014 — and we're thinkin' budget hotels have a much better shot than luxury ones.