The Yakunchikova private residence, where elite apartments were initially planned, is to become a luxury-class branded hotel by the South Korean LOTTE GROUP.
In January 2015, the building was 60% ready. Colliers International was responsible for marketing and brokerage support for the project. A team of experienced brokers and professional marketers carried out all preliminary work on optimising apartment layouts, planning and interior solutions, brand style, and 3D visualisations to emphasise the uniqueness of the project for potential residents.
Lotte Group has a hotel operator Lotte Hotels & Resorts within its corporate structure, which plans to enter the local St. Petersburg hotel market. The potential and advantages of the building on Isaakievsky Square were negotiated, after which the parties agreed to sell OOO Five Star, which was part of the investment agreement.
The transformation of the Yakunchikova private residence into a hotel means that plans have to be amended and additional construction work carried out. The height and external building facades willnot change though. The level of investments in the project is estimated at $140 million. The official opening of the hotel is scheduled for May 2017.