A three-party agreement has been signed in Murmansk for the development of a new multifunctional hotel complex. The document was signed by Governor Andrey Chibis, Cosmos Hotel Group President Alexander Biba, and Evgeny Kabanov, CEO of InterStroy.

The project will see the transformation of the long-abandoned “Shakhter” hotel building on Pushkinskaya Street 10 into a modern four-star property that meets international quality standards. The complex will feature more than 100 rooms, conference halls, restaurants, a spa, and other guest facilities.

According to Governor Chibis, Murmansk faces a pressing need for new hotels, with occupancy rates remaining high even during the off-season. “The city is becoming an important hub for business and event tourism, and the arrival of a high-quality hotel at this level is critical,” he said.

Cosmos Hotel Group President Alexander Biba noted that Murmansk consistently ranks among the top five destinations for both Russian and international tourists, particularly from China. He estimated the new property could host up to 70,000 guests annually.

The project investor is InterStroy, with a total investment of about 5 billion rubles. Construction is scheduled for completion in 2027, after which Cosmos Hotel Group will operate the hotel.

Evgeny Kabanov, CEO of InterStroy, emphasized that the development will strengthen Murmansk’s tourism and business infrastructure, boosting the city’s investment appeal and creating new opportunities for both business and leisure travel.