This HospitalityNet article features an interview with Andrey Yakunin, Co-Founding Partner of VIY Management, about his view of the Russian hospitality market compared with Europe, and the most promising investment opportunities currently available.

Among discussion points are the lack of availability of financing for Russian projects, challenges in attracting top young talent to the hospitality industry, a squeeze on operating margins, the limited number of management contracts with operators or franchising agreements compared with Europe, tax and duties policy when operating in Russia and visa requirements for leisure and business travellers to the country.

It also outlines Mr Yakunin’s views on exploring the serviced apartments market for hotel projects across Europe, including the Holsboer Residences apartment complex in Davos and Gloriettes Residences in Vienna, as well as the increased tourist flow to St. Petersburg, recognised as Europe’s Leading Destination for a second year running by the World Travel Awards, and increased tourist flow from North America, Chinese and South-East Asian markets and domestic markets.

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