TASS, November 28. A new business resident of the Chukotka advance-development territory will commission the region's most popular hotel complex after renovation in the third quarter of the coming year. The investor will renovate the hotel adding to it a local national flavor, and investments will make 20 million rubles ($225,000), the regional administration said.

"The Hotels of Anadyr Company will renovate one of the most popular hotels - Chukotka," the administration said. "The renovated hotel complex will be commissioned in the third quarter of 2024."

In compliance with an agreement with the Corporation for the Development of the Far East and the Arctic, the investor will allocate 20 million rubles. The business resident will renovate the hotel's all 24 rooms and a restaurant with 50 seats, adding to them a local national flavor. The complex will be able to serve up to 9,000 guests.

"We will direct the main investments to the renovation of the rooms and restaurant. We will have up-to-date furniture and appliances, and the interiors will be decorated with paintings by Chukchi artists and with Chukchi ornaments, the designer light will resemble the Northern lights. We will also make modern ventilation systems, video surveillance and fire alarm systems, will reconstruct the heating system," investor Viktor Mishchenko said.

According to agreements with the Corporation for the Development of the Far East and the Arctic, business residents of the Chukotka advance-development territory are implementing 66 projects. Their investments have reached 130 billion rubles ($1.5 billion). The companies have created more than 2,500 jobs, and 27 projects have been put into operation. The business residents pay zero income and property taxes for the first five years, a zero land tax for 3-5 years, and the payable insurance premiums are lowered for them from 30% to 7.6% for 10 years. The businesses may receive land to implement their projects at special rates and may enjoy infrastructure support, as well as other incentives.