The first phase of a five-star "Schloss Hotel" in Yantarny municipality of the Kaliningrad region will be completed in the second quarter of 2011. The corresponding investment agreement was signed on Friday, May 28, in Yantarny at the opening of the 4th Kaliningrad Economic Forum by the Head of Yantarny municipality, Alexander Blinov, and a representative of "Syr" company, Nikolay Vlasenko.

Over 60 million rubles will be invested in the first phase of the construction.

According to Nikolay Vlasenko, historical appearance of the building will be preserved. The capacity of 19 rooms of the first phase will be followed by the construction of a new building of 70 rooms with a 5 million USD investment.

Note: this news has been prepared in English by Kaliningrad RDA [1] based on materials of rugrad.eu [2]