Until 2024, Russian investors will be able to obtain soft loans for the construction and reconstruction of hotels at a rate of 3-5%, the press service of Rostourism said.
“According to the approved criteria, the size of the loan can vary from 100 million to 70 billion rubles, and the project itself must be highly elaborated: documents for the land have been received, a business plan has been developed, and the project must go through a credit committee at the bank, it is also important how much funds have already been financed by the future owner and what share of their own funds the investor is ready to invest in the project, ”said the head of Rostourism Zarina Doguzova.
Thanks to the program, investors will be able to build and reconstruct at least three-star hotels with an area of 5,000 sq. m or with rooms from 120 rooms, as well as sanatoriums. The loan term will be up to 15 years, the ministry said.
The selection of potential borrowers will be conducted by accredited banks. They will assess the reliability and financial stability of the candidates, and then present a list of investment projects in Rostourism. The department, together with the government tourism commission, will make the final decision.
At the moment, the government has allocated 18.8 billion rubles for the implementation of the program. The total volume of lending by 2024 will amount to about 200 billion rubles, according to the Federal Tourism Agency. With these funds, more than 20,000 modern rooms will be built, Doguzova said.
The department believes that the increase in the number of modern hotels will increase competition in the market. This, in turn, “will have a comprehensive effect on the ratio of price and quality of rest in Russia.” In the meantime, modern hotels account for only 10% of the total room stock in the country.