Investments Seek Port in a Storm
Krasnodar, 21 October – Yug Times. With sanctions weighing heavily on the oil and gas sector, domestic tourism in Russia — particularly in the Krasnodar region — has become a key destination for money. For the first time in over a decade, tourism investment has surpassed oil and gas: in 2025, the sector attracted 1.03 trillion roubles, compared with 684 billion the year before.
According to the regional Ministry of Resorts, 70 large agreements worth 823 billion roubles have been signed for the construction of 4- and 5-star hotels. Ten years ago, the total was barely 20 billion rubles. Yet economic pressure, high interest rates, and limited credit access are forcing both the state and private developers to find new approaches.
Infrastructure remains the main barrier. “The future of many projects depends on access to utilities,” says Aleksei Kharchenko from the regional ministry. “The cost of connecting facilities to engineering networks can define whether a hotel becomes 3- or 4-star.” In Anapa, where investors favour 4- and 5-star hotels, only about 0.3% of accommodation meets this standard, reflecting high connection costs.
To address infrastructure deficits, Sochi has proposed an infrastructure levy for city developers. “Those who build commercial facilities should contribute to the city environment they will use,” says mayor Andrei Proshunin. Funds would go towards roads, utilities, schools and recreational areas.
However, even the most promising destinations face unpredictable risks. In 2025, an environmental disaster in Anapa wiped out the season. Hotel occupancy dropped to 25–30% of 2024 levels, and children’s camps operated at just 15% of their previous capacity. Amid tighter credit, developers are turning to investment hotels — a model where individual investors purchase rooms and earn income from rentals, while a single management company runs the complex. This allows projects to progress without traditional bank financing. The model, already used in Sochi and Anapa, is gaining traction and may soon reshape the resort property market.
“Many new hotels in the region are built under this scheme,” says Voronov. “It lets ordinary people join large-scale tourism projects.” Yet experts warn of risks: without regulation, some “investment hotels” could effectively become residential blocks.
Hotel management expert Yevgeni Bromberg notes that major investment-hotel clusters are already taking shape, including three large projects in Golubitskaya with over 2,000 rooms in total. Developers are also working on legislation to define and standardise this type of property.
Architect and tourism expert Olga Shebzukhova adds that shared-ownership resort models are a global trend, now spreading across Russia as internal tourism expands. “Regions compete not only for tourists but for investors,” she says. “Kras nodar must remain attractive, as money is being redistributed across the country.” While the investment boom has spurred growth, experts caution that poor planning could lead to mismatches between expectations and outcomes. “Some five-star projects may end up as three-star hotels,” warns Shebzuk hova. “Investors without sector knowledge risk disappointment if infrastructure or management is inadequate.”