Russia’s PSP still waits for permit to start building Serbia’s first Marriott hotel

By bne IntelliNews May 9, 2013

Russian real estate developer PSP-FARMAN Holding is still waiting for the necessary permits to start the construction of Serbia's first Courtyard Marriott hotel, which was due to begin on April 1, news agency eKapija said.

The Russian developer and hotel chain Marriott International signed a management contract for the EUR 25mn hotel at the end of 2011. The job will be executed by PFB Properties, a member company of the holding group, while Marriott will run the hotel in line with its Courtyard by Marriott standards.

The head of PFB Properties, Branko Trkulja, told eKapija that construction works will start straight away after the permit is issued, which should happen any day now. The whole hotel will be built within 12 months. It will cover nearly 7,000 square metres, including two underground floors.

PFB Property secured part of the financing from own funds, another part came from its owner - PSP-FARMAN Holding, and the remainder arrived as an EFG Eurobank credit, Trkulja said.

The four-star hotel will have six floors with some 110 rooms, an underground parking area and will include a business centre, Courtyard Belgrade City Center, a restaurant, coffee bar and fitness. The hotel's location is in downtown Belgrade.

PSP-FARMAN Holding Group comprises a team of specialists from Russia, Serbia, Belgium, Italy, Germany and Israel. It has offices in Moscow, Kiev, Belgrade, Brussels, Geneva and Trieste. The total number of the holding's completed projects is more than 200 as they include banks, office, public and residential buildings, commercial and industrial centres, sports centres and transport infrastructure. The completed projects' total area is over 1.5 million square meters. The holding is among the major real estate developers of Moscow and Russia.

Related Articles

Chinese investors interested in ex-military airport in Serbia’s Uzice

Companies from China are interested in investing in Ponikve Airport in the western Serbian town of Uzice, according to the local authorities, which have proposed an acquisition or a public-private ... more

Serbia to raise public sector wages and pensions in 2018

Pensions and wages of workers in Serbia’s public sector will be increased by 5%-20% as of 2018, Prime Minister Ana Brnabic announced on October 14 when she marked the first 100 days ... more

Serbia’s central bank cuts key policy rate to 3.5%

The National Bank of Serbia (NBS) executive board decided to cut the key policy rate to 3.5% on October 9, folowing cut to 3.75% on September 7, after keeping it stable at 4% for the ... more

Dismiss