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Published on : Tuesday, November 12, 2013
With less than 100 days left for the Olympic torch from casting its light and all the global focus already on the Russian resort town, the hotel industry of Sochi is still not fully prepared to handle the pressure of the event. There are doubts about the readiness of the hotels in the city and their sustainability during the event.
Russia has undertaken the most ambitious project in its modern history which is valued at 1.5 trillion Russian rubles ($46.3 billion). The project will need to measure equal if not better than London or Vancouver.
David Jenkins, executive VP and head of hotels and hospitality of Russia and CIS for JLL. The resulting development frenzy has forever changed the market and Sochi’s hotel industry.
He said that the combination of hotel rooms and new apartments built in the three micro zones there have been enough rooms planned for the athletes, media and officials. There are still doubts whether all will actually be delivered on time. There are some concerns that certain developments may not be ready, and there are plans to bring cruise liners that can be used for overflow.