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EBRD and IFC to invest millions into small hotels developments in Russian regions

Regional Development


The European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) have pledged to jointly raise 22.6mln euros apiece in long-term debt and equity to fill a need for better hotel accommodation business travelers in Russian regions.

According to EBRD, the investment plans envisage building five medium-sized hotels with a total stock of 750 rooms in next two years. Specifically, Ibris branded hotels will spring up in Samara, Kaliningrad, Yaroslav and Krasnoyarsk, which will also host a Novotel branded hotel. The five facilities will be operated by France’s Accor Group, a global leader in hotel services.