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"Holiday at a Moment`s Notice"

Article provided by:Gateway2RussiaGateway2Russia

11 June 2004
"Holiday at a Moment`s Notice"

Holiday resorts near Moscow are the most profitable investment projects in the Russian hospitality industry

Until recently, Moscow was considered the main center of development for Russia’s hospitality industry. However, the hotel boom in the capital came to the end back in the 20th century: over the last few years, only two or three notable projects have emerged. This doesn’t mean that there is no demand for new hotels on the Moscow market or that investors don’t want to invest. The explanation is simple: with the numerous restrictions that arise when selling hotel projects, they go either to other industries and projects or to other regions. The suburban area near Moscow, called “Podmoskovye” in Russian, has become just such a region, and new hotels and resorts are currently popping up everywhere. The demand for the services provided by modern suburban clubs and vacation hotels is huge, and their average annual room occupancy is 70-85% and as high as 100% in the summer and during national holidays. This year, for example, 70% of the rooms available for the entire summer season sold as early as March.

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