AST lets Renova build Sochi hotel

The Renova company, owned by the president of the Skolkovo fund,
Viktor Vekselberg, has been commissioned to build the largest hotel
complex in Sochi instead of the AST Group, headed by Telman Ismailov,
Trend reports.

Total investment in the project will be about $540 million. The new
five-thousand-room hotel will be built in the Imereti Valley in Sochi.

According to the newspaper Kommersant, Ismailov ceded the right to
build the hotel to Vekselberg because of the high possibility of
problems with the financing of the project after the closure of
Ismailov's Cherkizovsky market in Moscow.