Pioneer Group of Companies plans to invest 5,1 billion rubles ($90 million) in the construction of a mixed use hotel complex in St Petersburg, Russia’s second largest city and the country’s Capital of Culture.
The company’s plans over the investment were unveiled by the director general of Pioneer Group, Yury Grudin, over the course of a session of the City Investment Council, Interfax reports on Tuesday.
According to Mr. Grudin, the hotel will be located on the plot of land with an area of 1,7 hectares in the central district of St Petersburg with the address at Sotsialisticheskaya Street, 21. The construction activities are scheduled to start this year and complete in 2019.
