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Investors to spend $2,7m on building hotels in St. Petersburg at preferential terms

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Investors to spend $2,7m on building hotels in St. Petersburg at preferential terms

Investors have filed 20 applications for the establishment of 3 and 4-star hotels in St. Petersburg in the amount of 170 billion rubles ($2,7 million).


The first initiatives can be launched in early 2017, Chairman of the city Committee on investments Irina Babyuk told reporters on Monday following the session of the Investment Council.

“20 applications have been filed by investors who plan to create hotel projects at preferential terms. Eight of them are already defined as strategic ones, three will be granted such status in the near future. The total investment is 170 billion rubles,” - she said.

According to her, some two or three private initiatives are expected in the near future, that will give rise to all projects”. Irina Babyuk added that a number of investors had applied for different objects, that is why in case of competition, an auction based on private initiative will be announced.

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