Swiss company Chedi Group wants to invest $12-15 million Swiss francs ($11.7–14.6 million) into building a hotel at the Krasnaya Polyana ski resort near Sochi, the Russian Ministry of Economic Development reported. The Swiss company and their Russian counterparts reached an agreement during a meeting in Switzerland.
The new hotel will have a spa, casino, fitness club and several restaurants. Total investment is expected to reach 12 to 15 million Swiss francs.
If the project is a success, the Swiss investors will be able to move into the second and third phases, which include the integrated development of the surrounding area. In this case, total investments are expected to exceed 150 million francs ($146 million).
The involved parties also created a roadmap for the development, construction and operation phases of the project.
“An agreement on the use of the brand, standards and infrastructure of the international group was signed with Chedi Group, and a framework agreement on investment and project management was signed with Rocket Group,” officials from the Ministry of Economic Development said.