Newspaper "Kommersant", "Denis Simachev to Decorate Krasnaya Polyana"

Designer Denis Simachev, together with the development company ICN Development, will build a hotel in Krasnaya Polyana, Sochi, for the Olympic Games, as well as villas, several restaurants, and a club. The investment in the Simachyard project is estimated at 2.5 billion rubles.

Within the Simachyard project, a designer hotel with 162 rooms, 23 villas (each with an area of ​​690 sq.m.), several restaurants, and a club will be built in Krasnaya Polyana. The hotel will be opened for the Olympics, and the entire facility will be operational by 2016. As stated by the managing partner of ICN Development (the developer) Mikhail Feldman, the investment in the project for the first stage will amount to 1 billion rubles - this will be the funds of ICN and Denis Simachev, with a plan to attract another 1.5 billion rubles through bank loans. "Profit and income will be distributed equally," added Mr. Feldman, refusing to disclose the ownership structure of the project and the distribution of investments.

"There is already a waiting list of people interested in purchasing villas. Buyers, like visitors to Simachyard, will undergo face control," explained Denis Simachev. According to him, the owner will not be able to change anything in the interior of the villa. They can only sell it to the management company Simachyard Management Company with a 10% premium to the purchase price, which will find a new owner for it. The cost of the villa is 110 million rubles. According to the same scheme, after the Olympics, the apartments in the hotel (average area - 25 sq.m.) will be sold at a price of 280,000 rubles per 1 sq.m. "This will be an exclusive club for those who want to fully relax in their own circle," explained Denis Simachev, adding that the staff at Simachyard will be English-speaking only.

The ICN Development hotel with Denis Simachev was included in the Olympic construction program (approved by the government in 2007) in November 2011. The program specifies a three-star hotel class. According to the prices set by the Sochi Olympics Organizing Committee, the cost of staying in hotels of this class should not exceed $133 per day. After the Games, the owners can manage the facility at their discretion, and according to Mikhail Feldman, the prices for rooms at Simachyard will be around 7-8 thousand rubles per day (over $230).

Denis Simachev is a Russian designer and businessman. In 2001, he founded the DENIS SIMACHEV brand. In 2006, he opened the Shop&Bar Denis Simachev bar-boutique in Stoleshnikov Lane in Moscow.- Give me a professional translation to English. Save the html markup. Don't translate what's in English. Don't change the original text

 ICN Development was established in 2010. It specializes in the construction of residential and commercial real estate. It is part of the ICN Group, which has built over 600 projects. The owners of ICN Group are Robert Aliakberov and Roman Galaktionov. Financial indicators are not disclosed.

 There are not many examples of successful cooperation between hoteliers and famous designers in the world: Armani Hotel in Dubai and Milan, Bulgari Hotels (together with Mariott), Missoni Hotels (with Rezidor company). In Russia, there are no design hotels at all, says Anton Melnikov, Deputy Director of the Strategic Consulting Department at Knight Frank. Mirax Group of Sergey Polonsky (now Potok) attempted to collaborate with the design studio Armani/Casa - the decoration of apartments in the "Federation" tower was planned, but the project was not implemented. "In designer hotels, the client gets an exclusive product, and people want individuality in hotel service," Mr. Melnikov is confident in the project's prospects of Denis Simachyov and ICN.

 "Over $3.6 million for a villa is the cost of an excellent chalet in Switzerland, in a clear and secure market, where the property will appreciate by 8-9% annually," says co-owner of Kalinka Realty, Ekaterina Rumyantseva. According to her, the market value of houses in Krasnaya Polyana is $1.5-2 million. At the same time, the price of accommodation at Simachyard Hotel will be market-appropriate. The average price of budget offerings in Sochi reaches 4,500 rubles per room, in expensive hotels (like Oleg Deripaska's "Rodina") - on average, 10-15 thousand rubles, says Stanislav Ivashkevich, Deputy Director for Hospitality Industry Development at CBRE.