Khloponin visits Arkhyz resort

Alexander Khloponin, Plenipotentiary Presidential Envoy to the North
Caucasian Federal District, has visited the construction site of the
Arkhyz resort in Karachay-Cherkessia and held a council on
construction issues, Yuga.ru reports.

The head of Karachay-Cherkessia, Rashid Temrezov, and the head of the
Bank for Development and Foreign Economic Affairs, the Interregional
Network Distribution Company of the North Caucasus, Resorts of the
North Caucasus Company and president of the Sinara Group, Dmitry
Pumpyansky, were at the council. They visited the Romantik
construction site.

Infrastructure projects are close to completion. The council discussed
financing and the scheduled completion of the work.

The Sinara Group plans to open an administrative building, fire
station, three hotels, a restaurant, cable-way at a height of 1,770
meters and two skiing slopes for the 2011-2012 resort season.

6 billion rubles have been invested in the first stage of the Arkhyz
complex, including 2.55 billion on ski infrastructure and 2.7 billion
on hotels, social and engineering complex. The Sinara Group is
negotiating a credit with the Bank for Development and Foreign
Economic Affairs.

Construction of the first two hotels has started. Arkhyz is planned to
have 14 km of skiing routes, 9 cable-ways and 11 hotels, including a
4-star hotel. The hotels will be able to service 1,000 customers.

The participants in the council noted that the government is
stimulating all resort projects and the hospitality industry.

Arkhyz will have 4 tourism complexes for 25,000 people in the northern
mountains of the Main Caucasus Ridge.