South West | Real estate

Russian Railways to spawn $225m hotels in Russia

3 Jun '08
A source at Russias developer Zheldoripoteka has unveiled the companys plans to invest $225m in the construction of a three-star 150-200 room hotel network at railway stations.

First hotels will be built in Sochi, Samara, Chelyabinsk, Ekaterinburg, Surgut, Astrakhan, and Yaroslavl. Moscows Regional Hotel Chains has been awarded a construction management contract.

The hotel chain is the first major project of Zheldoripoteka, a subsidiary of the Russian Railways, in commercial real estate.
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