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However, this did not happen due to a decision by Acting Governor Georgy Poltavchenko, who was dissatisfied with the pace of work and expressed doubts about the facility’s adequate parking space and whether conservation laws would allow for a swimming pool on the seventh floor. Mr. Poltavchenko instructed Marat Oganesyan to investigate the matter, tentatively postponing the issue of extending the deadline.<\/p>\n\n\n\n
According to Mikhail Demidenko, Chairman of the Construction Committee, the volume of work completed on the fa\u00e7ade and interior framework has reached approximately 20%.<\/p>\n\n\n\n
Jumeirah Group said it is currently in talks with its partner, IFG-Basis-Project, but has no influence on the current situation.<\/p>\n\n\n\n
\nAs Interfax quoted Ilya Sokolov, CEO of IFG-Basis-Proekt LLC, as saying, “the company sees no reason to revise the project’s implementation timeline, and the issue of extending the reconstruction period will be resolved positively.” “All the issues raised by the governor have been carefully addressed by the investor in the project documentation, which has received a positive conclusion from the federal state expert review and has been fully approved by the Committee for State Control, Use, and Protection of Historical and Cultural Monuments (KGIOP),” the agency quoted him as saying.<\/p>\n<\/blockquote>\n\n\n\n
As Kommersant previously reported, the new Jumeirah hotel will be located in the former Trade Bank building on the corner of Nevsky Prospekt and Malaya Morskaya Street. In May 2010, Valentina Matviyenko’s government awarded this building, along with several other city-center landmarks (two of which went to the companies of businessmen Boris and Mikhail Zingarevich), for renovation into hotels. Experts at the time predicted that the properties would have fetched at least $90 million at auction. Under the investment agreement, IFG-Bazis-Proekt vacated the building and transferred approximately 100 million rubles to the city treasury. As Mr. Sokolov told Kommersant, the hotel will have 74 rooms with an average size of over 45 square meters. $90 million will be invested in the project, $40 million of which will go toward restoration work. The hotel’s opening was scheduled for 2015. The base price for accommodation at Jumeirah Group hotels is $1,400-1,500 per room per day. According to the investor’s estimates, the average room rate in a five-star hotel in St. Petersburg is \u20ac450.<\/p>\n\n\n\n
Jumeirah Group, founded in 1997, manages 22 premium hotels and resorts, eleven of which are located in the Persian Gulf region, six in Europe, and five in Asia. Another 15 projects are under construction. According to SPARK-Interfax, IFG-Basis-Project was previously owned by a subsidiary of IFG Basis\u2014the Cypriot offshore company Applerson Holding Limited, which in 2009, along with Plaza Lotus Group, owned by Boris and Mikhail Zingarevich, simultaneously announced their plans to expand into the St. Petersburg hotel market at Smolny. The former head of IFG-Basis-Project, Danat Bulavko, also headed the Zingarevichs’ company, Adytum. However, the company denies their involvement in IFG-Basis-Project.<\/p>\n\n\n\n
According to Colliers International in St. Petersburg, at the end of June 2014, the St. Petersburg hotel real estate market included 135 properties with a total of 19.3 thousand rooms (not including mini-hotels, departmental hotels, and hostels).<\/p>\n\n\n\n
At the beginning of the third quarter of 2014, eight hotels with a total of approximately 1,400 rooms were under active construction in St. Petersburg, and their appearance on the market is expected by the end of 2016.<\/p>\n\n\n\n
David Jenkins, Head of Hospitality at JLL, believes that Jumeirah, like other international operators, is unlikely to delay their development plans and entry into the Russian market due to the current political and economic situation. “Regarding the specific project in St. Petersburg, the hotel operator has no influence on this process, so all they can do is wait and see until the issue between the administration and the developer is resolved. Then they can draw conclusions and take concrete steps. Currently, we have not observed any decline in tourist flow to St. Petersburg compared to the same period last year. However, we will only be able to summarize the results and comprehensively analyze the city’s tourist occupancy during the summer period at the end of August. Then we will be able to track the dynamics and provide a further forecast for the situation,” he said.<\/p>\n\n\n\n
Yulia Chayun<\/p>\n\n\n\n