Timothy Post.com

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Sistema-Hals OJSC (LSE, MICEX, RTS: HALS), one of the largest diversified real estate companies in Russia and the CIS (Commonwealth of Independent States), has announced its strategic partnership with Saraya, a real estate development and asset management company that invests in the travel and tourism industry.

Saraya, through a wholly owned subsidiary has acquired 50% of the current mixed-use resort project on the site of the former Kamelia Hotel in Sochi, Krasnodar Krai. The existing development stretches over 6.3 hectares located uniquely in the central Sochi area.

Sistema-Hals and Saraya have come together to redevelop this site and turn it into another Saraya world-class destination. Saraya Sochi is envisioned to be a modern resort, including a high-end luxurious 5-star hotel and club-style apartments. It will also have beach access and luxurious beach amenities. The project will comprise approximately 95,000m² of built up area.

‘Saraya is proud to announce its partnership with Sistema-Hals to develop Saraya Sochi as we consider Russia as a promising travel and tourism destination. In Saraya, we turn untapped locations into luxurious tourist destinations and we intend to showcase our involvement in Sochi, by developing a cutting edge mixed-use resort that welcomes tourists, visitors as well as investors to the host city of the 2014 Olympic Winter Games’ said Mr. Ali Kolaghassi, Vice Chairman and CEO of Saraya Holdings.

‘This project will enable us to combine our real estate development experience with Saraya’s financial resources and the know-how in resort construction and management industry to build a world-class resort in Sochi’ says Sistema-Hals President Mr. Felix Evtushenkov.

The project sits on a unique green hill site overlooking a breath-taking view of the Black Sea. The project is a mixed-use resort on the beach front of the Black Sea, consisting of a five star hotel and residential units as well as entertainment and retail facilities.

The hotel, which will be managed by a leading hotel operator, will contain at least 200 rooms equipped with the latest technologies built according to the highest standards. The hotel will also include a conference hall in Sochi that will host the main business, political and cultural activities in Southern Russia.

The residential units will include over 400 open-plan elite and business-class apartments in a tower with cutting-edge design and several low-density buildings spread out within the forested hill side.

Saraya Sochi will also house a premium sports and health centre with covered tennis courts, swimming pools, spa, solarium, sauna facilities, sports hall and fitness bar. The beach will be completely redesigned to include a summer restaurant, luxury relaxation and leisure facilities, retail kiosks, and areas for sports and games. The project will mostly preserve the forested areas including the over 100-year old trees dotting the spectacular landscape on the shoreline of Sochi.

// 01.13.2008 at 10:59 am // Tagged Sochi, development