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VEB.RF, Irkutsk Region and Azimut Hotels Company Enter into Agreement to Develop Tourism Infrastructure in Baikalsk

20 june 2025 года
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The parties signed a trilateral partnership and cooperation agreement at the St. Petersburg International Economic Forum. The goal is to ensure socio-economic development of the Irkutsk Region, develop the regional tourism infrastructure, to build and operate 4- and 5-star hotel complexes in Baikalsk in the former production site of Baikalsk Pulp and Paper Mill.

Under the agreement, the Government of the Irkutsk Region will provide assistance with land issues and help to develop a construction concept. VEB.RF, for its part, will develop the project concept and manage the design and construction process. Azimut Hotels Company, a professional hotel operator, will implement the project.

This agreement is the next step in implementing the intention to construct two hotels in Baikalsk as declared by VEB.RF and Azimut Hotels Company. These will be key infrastructure facilities under VEB.RF’s integrated project for redevelopment of Baikalsk Pulp and Paper Mill. So the joint efforts form the basis for sustainable growth of the territory to create a point of attraction for tourism, investment and comfortable living environment.

The hotels are scheduled for opening in the first quarter of 2030. Following an investment of about 5 billion roubles, a five-star park hotel will include about 180 rooms in the main building and individual cottages. The site area of over 14 ha will also comprise of restaurants, a business centre, a spa, a swimming pool and sports facilities, playgrounds and sports fields. A four-star hotel, with an investment of approximately 3 billion roubles, will cover over 5 ha and comprise of 180 rooms, public catering companies, conference spaces, recreational areas and sports facilities.

Development of Baikalsk is a priority for the Russian President, Russian Government, the Government of the Irkutsk Region and VEB.RF as the main development institution. In 2022, with the involvement of VEB.RF, a master plan was developed as a basis for the Baikalsk Socio-economic Development Federal Programme. In March 2025, VEB.RF presented a project for the integrated development of the former production site of Baikalsk Pulp and Paper Mill.

According to the project plan, the former production site will be transformed to accommodate a new modern district of Baikalsk and an all-year international resort. The integrated territory development includes: construction of residential buildings, hotels, water transport system, restaurants, parks and public spaces, a congress centre, sports infrastructure, bicycle and walking routes.


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