Russian real estate developer PSP-FARMAN Holding has finally obtained the long-awaited construction permit for Serbia's first Courtyard Marriott hotel and plans to start building it in January 2014, company officials told news service eKapija.

The construction was initially planned to begin in April 2013 but had to be delayed due to the lack of necessary permits.

The start of construction is now only awaiting the approval of a Eurobank credit, which will be voted on Dec 18, the head of Farley Investors (part of PFB Properties), Branko Trkulja, told eKapija, probably referring to Greek lender EFG Eurobank. Farley Investors is in charge of the Marriott hotel project.

Trkulja explained the bank already approved the loan once – but because of the delay in the permit issuance the company could not withdraw the amount within the agreed timeframe, and now the agreement needs to be put to vote again.

He did not specify the amount of the loan. According to earlier information, the investment is valued at some EUR 25mn. Trkulja said in May part of the financing will come from PSP-FARMAN Holding’s own funds.

The hotel, which should be completed in early 2015, will have 114 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. It will be managed by the Marriott hotel chain in line with its Courtyard at Marriott standards, under a long-term contract already signed by the hotel chain and PFB Property – another member of PSP-FARMAN Holding.

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.