News

The Federal Tourism Agency launched a program of soft loans given to build and reconstruct hotels.

Now businessmen delivering investment projects in the hospitality industry will be able to get financing at an annual rate of 3 to 5% until 2024. The Government allocated 18.8 billion rubles for this purpose.

This supporting measure will help investors raise loans to build or reconstruct three-star hotels or hotels of a higher rating with an area of over 5,000 sq. m or with a hotel room capacity of over 120 rooms, and health centers. The duration of the loan agreement is up to 15 years inclusive.

The key task of the program is to establish conditions for investors for build hotels in places where they are scarce. A larger number of modern hotels and renovated room capacity will help to increase competition in the market, which will have a wide-ranging impact on the value for money quality of recreation in Russia.