Russian developer Sistema Hals has formed a strategic alliance with Saraya, a development and asset management company focussing on tourism related property, for a leisure development in Sochi, Russia.
The scheme on the site of the former Kamelia hotel, is expected to be one of many earmarked for hosting supporters at the 2014 Winter Olympics in the city on the coast of the Black Sea.
It will comprise more than 1m sq ft of mixed development over 15 acres. It will include a 200-room hotel and more than 400 residential units.