“High uncertainty and low profitability” have suspended hotel construction in Russia. This information was provided by Kommersant, referring to the fact that the founder of the Biblio-Globus tour operator, Alexander Tugolukov, abandoned a number of hotel construction projects in the Kaliningrad region and the Caucasus. According to the publication's experts, the entrepreneur failed to find suitable sites and calculate the economics of future hotels against the backdrop of the crisis.
“BG Olginka”, “BG Fisht” and “Kurort Raushen”, controlled by the structures of Alexander Tugolukov, have entered the stage of liquidation, follows from the data of the Unified State Register of Legal Entities in SPARK-Interfax. These structures were created in 2020-2021 in Sochi and Svetlogorsk, Kaliningrad region, respectively, for hotel projects, Kommersant reports. Further, the publication assures that a source “familiar with the businessman’s plans” states that he abandoned the idea of building a hotel in the Kaliningrad region due to the impossibility of finding a site: “Only options without communications were offered, the creation of which did not fit into the economy.” The rest of the project is “on pause” – as the source estimates “due to difficulties in assessing economic models in a crisis.”
It should be noted that so far Biblio Globus has implemented only one hotel project – the Olenevka Village budget complex in Crimea in 2019. There were hotel development projects in the Kaliningrad region, in the Arkhyz ski resort and in the Krasnodar Territory. We are talking about large projects – hotels with 700-1000 beds. “Traditionally, it was not easy to find suitable sites for such projects, but now the situation is complicated by the crisis. It has become basically impossible to calculate the cost and payback periods,” the source says.
Other Kommersant experts note that the suspension of projects is a general trend. Although some are sure that they will win small projects. So Roman Yeremyan, Deputy Chairman of the Council of the Union of Tourism and Hospitality, is sure that in the near future investment activity in the hotel market will remain “at the level of applications”. “The profitability of this business was already low, about 5% on average, and now investors need to answer questions about what will happen to tourist activity, air traffic, import supplies, income and expenses of the population,” he explains. But the founder of Ivashkevich Hospitality, Stanislav Ivashkevich, believes that the time has come for the emergence of small projects in popular tourist regions – in particular, in the Moscow region, the Krasnodar Territory and the Crimea. This, in his opinion, should be facilitated by “confidence in the growth of domestic tourism and a large amount of ruble capital formed after the closure of foreign markets for Russian business.”
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