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.