Отдохнуть у Магомедова
Ziyavudin Magomedov’s Summa Group is beginning construction of the tourist resort Matlas in the Khunzakhsky District of Dagestan. The ceremony of laying the first stone of the project took place on August 16. Summa makes its debut as a developer.
The 16,000 sq m hotel cluster will spread on the territory of 200 hectares. The key count is 60 rooms but with the option of being enlarged to 140. The plan also calls for building seven freestanding villas with the total area of 2,000 sq m. To emerge on the adjacent grounds are multipurpose sports centers, golf course, equestrian center with a stable and a riding hall. The hotel will house a medical center, spa, swimming pools, congress centers and restaurants. According to the announcement, the project anticipates the construction of two helipads. Reaching the holiday resort will be possible both over the motorway (2.5-3.0 hours’ drive from the city of Makhachkala and 180 km from the airport) and by helicopter, says the company’s spokesman.
Investments will amount to about 200 mln euro which Summa hopes to recoup within 10 years. These will be both equity and borrowed funds; partners may also be attracted, says the company’s representative. The construction works are scheduled for completion in 2017.
According to Summa’s spokesman, the Group expects that medical, recreational and entertainment services will account for more than 50 % of all proceeds. Summa hopes to create in Matlas one of the Russian centers for detox tourism. Businesspeople, top managers of major companies and other high net worth individuals will form the core of the resort’s clientele.
The highland tableland Matlas, where the holiday property will sit, is located at the altitude of 2,000 meters above the sea level (120 km away from the Caspian Sea). The weather conditions favor an all-season resort. Matlas has already been included in the list of top-priority projects for the state-owned company Northern Caucasus Resorts (NCR) (the information appeared on NCR site) – the Government will supposedly assume some of investments in the infrastructure. Overall NCR has assigned about 60 bln rubles for the nine projects to be created in the North Caucasus.
“The luxury recreation segment is almost lacking in Dagestan, whereas the neighborly Azerbaijan and Georgia are far more advanced in this area,” says CBRE’s Polina Zhilkina. “Something special will be required for this project to be a success, such as a golf course,” she opines.
A high-end resort project in Dagestan is the investment that does not fit into the general trend, believes JLL’s Ivan Kiseyev. “Such projects are called to break the established trends and to create a new market,” he continues. “The investor usually launches them in his home region, thus purporting to improve its image, so this is largely an emotional investment.” But if proper balance between “patronage” and business is maintained the project may find its consumer.”