The legendary Aleksandr Pushkin already covered the scenario—his tragic one-act opera, Feast in Time of Plague, depicts a group of young friends carousing at a table heaped with rich food while plague victims’ funeral processions pass in the street. Today, despite the backdrop of economic crisis and corporate setbacks, Russia’s northern capital still finds a reason to celebrate.   
    St. Petersburg has two things going for it—first and foremost, it boasts an incomparable aesthetic that attracts tourists from around the world; secondly, this city of five million is not Moscow. The distinction between Russia’s capital and its more romantic stepsister is essential to understanding today’s business dynamic. Proximity to Scandinavia, and the relative success of the neighboring Baltic States, bring St. Petersburg a trade infrastructure and basic mentality that’s decidedly separate from Moscow.
    In 2006, Russia hosted the G8 Summit for the first time—in St. Petersburg. For such a momentous occasion, the “where” on the party invitation was an obvious pick. Today, as in centuries past, Moscow propagates the notion of a strong and unflinching Russia, while St. Petersburg represents a more civilized and educated country deserving of WTO membership.  
    For travelers, civilization starts in the bedroom. Thanks to a healthy tourist industry, St. Petersburg’s best beds typically avoid that maddening East European dichotomy of chintzy shabbiness versus overpriced, over-the-top faux palaces. Around here, the palaces are quite real.
    Those who’ve been to the expansive country know that Russians pay for prestige first, followed by luxury, and then comfort—convenience is rarely a priority, but in St. Petersburg, a central location is the favored norm. The penultimate address for out-of-towners is the Grand Hotel Europe, located on Nevsky Prospekt. The executive suites are expansive yet tasteful, dressed in a refined, vintage look that complements the historic views. If budget cutbacks at home leave you balking at the outrageous prices, try downsizing to one of the hotel’s amiable, yet more circumspect Belles Chambres junior suites, which feature a Parisian approach to premiere comfort. All of St. Petersburg’s European aspirations come true at the Grand’s in-house L’Europe Restaurant. Potted palms and Art-Nouveau arches frame a rich, French dining experience that has become a status symbol in and of itself.  
    The nearby Radisson SAS Royal Hotel is a popular option when work is the most pressing concern. The well-known business hotel carries all the expected luxuries, but adds the sort of pragmatic amenities that are oft overlooked elsewhere (like free local calls). Similarly, the Renaissance St. Petersburg Baltic Hotel (by Marriott) meets complex business needs accurately, and thrives on adding a personal touch to its 82 rooms. A more intimate concept makes its ballroom ideal for small conferences (for up to 200 people), and Canvas Restaurant feels wonderfully laid-back and uncomplicated.
    Still, locals prefer the kind of obsessive glamour and big-money chic one can encounter at the Corinthia Nevskij Palace Hotel. While the interior design is refreshingly modern and elegant, the gargantuan scale of the place is utterly baroque. Of the 281 rooms, the 21 executive suites are very beige and a tad modest, at just 388 square feet. A more extravagant option is the Kempinski Hotel Moika, set along the famous Moika Canal. The lavish property is architecturally imposing, with a long and romantic history, including Tchaikovsky’s wedding night. Warm pastel panels flank the walls of the executive suites, which measure up to 830 square feet. For a bar with a view, head up to the ninth-floor Bellevue Brasserie; for the perfect glass, step down into the underground wine cellar 1853; and for a nostalgic take on continental cuisine, book a table at Beau Rivage.
    Repeat visitors appreciate the distinguished Hotel Astoria for its artful balance of elegance, comfort, and subtle tastes. Located directly across from the iconic Saint Isaac’s Cathedral, each of its 211 rooms favors bright-white linens tempered with a few bold, primary-colored furnishings. Giant sun-filled windows, a first-rate 24-hour gym and a professional concierge are just some of the small things that count. The hotel’s Davidov restaurant offers the quintessential caviar experience, while giving equal consideration to the needs of vegetarians.
    Dining in St. Petersburg does not disappoint—as long as it’s gourmet. Receptoria occupies a refurbished wine cellar that is purely intimate and refined—the perfect place for quiet conversation and exquisite French cuisine. Likewise, Bistrot Garçon offers splendid French cooking and a surprising array of imported cheese and wine.  
    Don’t feel guilty for playing the tourist. For a quirky but clearly Russian evening, grab a bite at the delightful F.M. Dostoevsky, where each dish is inspired by one of the great novelist’s books—be it suckling pig, whole white sturgeon or Siberian dumplings. For the full tsarist-era experience, grab a table at Dvorianskoe Gnezdo, and eat like royalty. Though it sounds cliché, a ballet at the nearby Mariinsky Theater is anything but, and a trip to the State Hermitage Museum is a must. For richer or poorer, Russians always love a good spectacle.    
    For many executives, these are uncertain times. Poor governance and impervious management are very much to blame for the extent of the current crisis. In both public and private sectors, St. Petersburg’s local leadership still concentrates on turf control, even while being buffeted by an economic maelstrom they can’t control.
    A major concern in St. Petersburg is that emerging industries are so closely linked to local consumer spending. The city’s budding and sizeable middle class is already feeling the hurt of the global economic crisis in the form of Latvia’s banking crisis, the American credit famine, and a tightening of Japanese investment. Regardless, Nissan plans to go ahead with plans to open a $200-million factory in St. Petersburg this May, joining the ranks of Toyota, Suzuki, Hyundai, and General Motors. Manufacturing still accounts for nearly a fourth of the local economy.
    Additionally, overseas demand continues to drop, and exports are down, while bribery and corruption cause regression. Even so, this is not a bad time for investing—humble Russian companies are now selling shares, and St. Petersburg is beginning to focus on improving its own infrastructure.
    The second terminal of Pulkovo Airport (LED) was born from a bleak, Stalinist concrete shell, though a thorough remodeling in 2003 utterly transformed both the appearance and experience of flying into St. Petersburg. Small yet sleek, the city has grand plans to expand and promote its airport as a major Baltic gateway. Last year marked the groundbreaking of a new third terminal—set to open in 2011, the additional 18 gates will nearly double the airport’s flight capacity.  
    More imminent, and perhaps even more vital, is the construction of a high-speed rail link between St. Petersburg and Helsinki, set to open in 2010. Like Eurostar and France’s TGV, Russia’s newest train will cut travel times, strengthen ties with the city’s most important EU capital, and (hopefully) reduce bothersome waits at the border. As of last year, a high-speed rail link to Moscow made the trip just over three hours.  
    Such signs of progress are numerous—for the last decade, St. Petersburg’s economic growth rate has been staggering. The present overcast mood may linger on, but frankly, this city has survived far worse—one is loathe to mouth the word “crisis” in vain. In this town of inexhaustible art and frozen canals, crisis only calls for more poetry.

DETAILS

HOTELS

Grand Hotel Europe
Mikhailovskaya 1/7, Nevsky Prospekt; tel. 7-812-329-6000; www.grandhoteleurope.com 
Radisson SAS Royal Hotel
Nevsky Prospekt 49/2; tel. 7-812-322-5000; www.stpetersburg.radissonsas.com
Renaissance St. Petersburg Baltic Hotel
Pochtamtskaya Str. 4; tel. 7-812-380-4000; www.marriot.com
Corinthia Nevskij Palace Hotel
Nevsky Prospekt 57; tel. 7-812-380-2001; www.corinthia.ru
Kempinski Hotel Moika
Moika River Embankment 22; tel. 7-812-335-9111; www.kempinski-st-petersburg.com
Hotel Astoria
Bolshaya Morskaya 39; tel. 7-812-494-5757; www.thehotelastoria.com

Restaurants

Receptoria
Admiralteysky Prospekt 10; tel. 7-812-312-7967
Bistrot Garçon
Nevsky Prospekt 95; tel. 7-812-717-2467; www.garcon.ru
F.M. Dostoevsky
Vladimirsky Prospekt 9; tel. 7-812-572-1200; www.goldengarden.ru/en/rest.phtml
Dvorianskoe Gnezdo
Ulitsa Dekabristov 21; tel. 7-812-312-0911; www.dvgnezdo.ru