Russian billionaire Vladimir Potanin’s Interros Holding and its partner Vasta Discovery will invest $1 billion in a new Sochi resort in the Caucasus overlooking the Black Sea.
Potanin, Russia’s richest billionaire according to Forbes, will be a key driving force behind the year-round Vasta Valley resort planned for 2025. The new resort will take advantage of the existing infrastructure of ski resorts in the area, where the 2014 Winter Olympics were held.
Demand for domestic tourism is up in Russia, due to coronavirus-related restrictions on foreign travel. According to the news, Potanin and his partners will ante up their personal wealth and leverage loans to complete the resort project.
The project will install 80 km (50 miles) of new alpine skiing pistes. The reports say the resort will be able to welcome 1.5 million people a year. Potanin’s nearby ski resort Rosa Khutor, where the BoogelWoogel 2021 festival was just held, currently hosts 2 million people a year.