Spring investments, a company based in the Russian city of Nizhny Novgorod, plans to spend 470 million rubles ($7,5 million) on completion of an administrative building with hotel rooms and a two-level underground parking.
This is what the Minister of Investments, Land and Property Relations of the Nizhny Novgorod region, Ekaterina Pivovarova, said at a meeting of the Investment Council, Interfax news agency reports on Monday.
According to her, out of this amount of money, borrowings will account for 59%, while internal funds will account for 41%.
Earlier, a plot of land in the center of Nizhny Novgorod was leased out to the company until the 21st of August 2016, for the purpose of the project implementation.
A representative of the investor announced at the meeting of the Investment Council that the opening of DoubleTree by Hilton hotel was scheduled for the first quarter of 2018.