Putin backs individual investment in hotel construction with safeguards

Vladimir Putin supported allowing individuals to invest in hotel construction, provided their money is protected and the hotels operate to common standards.

Roman Batalov, chairman of the Mantera group, presented the initiative at the Delovaya Rossiya forum on October 15. He proposed expanding private investors' ability to buy hotel rooms in special economic zones.

Under the model Batalov described, a buyer hands the room to a professional operator and receives income from its use. He described restrictions within economic zones as an obstacle to developing this mechanism.

Putin stressed that hotels built this way should operate under common standards. Deputy Prime Minister Marat Khusnullin said he and colleagues were ready to develop the necessary regulations, accounting for shared construction, and submit proposals.