Russia | Ready to Invest More than $2.1 Billion in New Hotels

Russia is ready to invest more than $2.1 billion in new hotels through an initiative led by the public bank Sberbank, within the framework of a state programme to promote national tourism.

The Public JSC Sberbank, a Russian majority state - owned banking and financial services company headquartered in Moskow, the largest bank in the Russian Federation, Central and Eastern Europe will invest more than $2.174 million for the construction of hotels in the country to boost domestic tourism.

The bank press service said that the government approved 66 agreements with Sberbank to finance the development of tourism infrastructure as part of the "National Tourism and Hospitality Program" whose financing by the bank will amount to 174.500 million rubles which will translate into 9.012 hotel rooms.

According to the information provided by the bank, most of these facilities, about 2.307 rooms will be built in the Krasnodar, in southern Russia and on the shores of the Black Sea, 708 rooms in Karelia, on the border with Finland, and 682 in Altai, the central territory bordering Kazakhstan.

Earlier under the same program, Sberbank invested in the construction of nine four and - five - star hotel facilities with a total of 1.902 rooms in the regions of Primorsky, Tatarstan, Irkutsk, Yaroslavl, Krasnodar and Adyegya.

This special program also provides for the construction of sports and leisure facilities a move to boost domestic tourism continuing a plan developed between 2021 and 2024, which was later extended until 2030, by which time it expects to reach the number of trips within Russia to 140 million a year compared to the current 65 million, and the objective is for national tourism to participate 5% in the gross domestic product.

Since the start of the war in Ukraine in 2022 and the cancellation of air connections with Russia by several Western countries, international tourism has fallen in the Russian Federation.

Similarly, Russian travellers are also finding it difficult to visit other countries due to the restrictions imposed by the West and price hikes, which has increased domestic demand and incentivized the country to invest in domestic tourism.

Link - https://www.hosteltur.com/170035_rusia-invertira-2100-millones-de-dolares-en-nuevos-hoteles.html