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By Reuters Staff
2 Min Read
MOSCOW, April 8 (Reuters) - Russian billionaire Vladimir Potanin’s Interros Holding and its partner Vasta Discovery will invest 80 billion roubles ($1.0 billion) in construction of a new resort in mountains near the Black Sea city of Sochi, they said in a statement on Thursday.
Demand for domestic tourism is up in Russia, home to 146 million people, due to coronavirus-related restrictions on foreign travel.
The new all-year Vasta Valley resort will add to the existing infrastructure of ski resorts in the area, which hosted the 2014 Winter Olympics, by 2025.
The partners will invest their own and borrowed funds in the project, they said. The Russian state development bank VEB is also a partner, and is considering organising the project financing.