Sean Quinn is rumoured to be lining up a $250m (€175m) bid for one of Moscow's most famous hotels, the Radisson SAS Slavyanskaya.
Mr Quinn is the most prominent Irish investor in Russia having spent an estimated €250m on two shopping malls, €100m on a DIY chain and €75m on a logistics park there.
Quinn group's property division already owns nine hotels across Europe.
Correspondence from Quinn's advisers Dolmen Corporate Finance -- indicating the group's interest in acquiring 100pc of the hotel -- was cited by Russian business newspaper Kommersant, in a recent report to the effect that Quinn had asked the hotel's owners to start due diligence procedures.
"We are aware of the rumours circulating in Moscow, but are not going to comment," said Kevin Beary, head of corporate finance at Dolmen. "We do not discuss client business."
A spokesman for Quinn group also declined to comment.