Russia's "Kommersant" daily says the company, Renova-Stroigroup, will build 50 three-star hotels around Russia, for a total investment of more than $1 billion.
Construction of five to seven hotels will start this year.
The Renova investment company was founded by Russian billionaire businessman Viktor Vekselberg.
Democracy In Russia
Demonstrators in Moscow carry a coffin with a television in it to protest government control over broadcasting (TASS file photo)
DO RUSSIANS LIKE THEIR GOVERNMENT? During a briefing at RFE/RL's Washington office on November 15, Richard Rose, director of the Center for the Study of Public Policy at the University of Aberdeen, discussed the results of 14 surveys he has conducted since 1992 on Russian public opinion about democracy and the country's development. He discussed the implications of these opinions for relations with the West and for Russia's 2008 presidential election.
LISTENListen to the complete discussion (about 42 minutes):
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