Tours operator Inturist freezes major investment hotel projects

The global economic crisis has significantly changed the plans of tour operator Inturist, an affiliate of AFK Sistema, forcing it to freeze its ongoing constructions of over 50 hotel projects in the economy category in Russia and abroad, including the development of a federal chain of 55 three- and four-star hotels. 

The stoppage has been attributed to the ‘optimization of the company’s expenditures and the unfavorable situations on the hospitality and financial markets. “Due to the crisis, we have introduced some changes to our investment programs. Consequently, long-term hospitality projects with long recoup periods, which are at development early stages, have been frozen for sometime,” the company management said.