Following a recent meeting this past week, Relex has received additional details regarding its potential waterfront hotel offering in Vladivostok, Russia.

John Bonar (Relex Chief Investment Adviser & Russia Country Manager) and the Vostok Projects development team of Natalia Anoshkina (General Director) and Marina Ginevskaya (Project Director) met in Vladivsotok with the Partners of OOO ArtRaise who hold the lease on the last waterfront greenfield site in the central zone of the city and discussed the purchase of the ArtRaise Company.

The 15,280 square meter site has planning permission for a 339 room hotel. The site has access to municipal water including hot water, electricity and other utilities.

Funding required for purchase and construction would be in the order of $50 million USD equivalent in Russian Roubles.

The project would be one of the first Vladivostok projects released on the new Relex platform.