Azimut Hotels to Invest 5 Billion Rubles in Belokurikha Sanatorium
Azimut Hotels, a network controlled by Alexander Klyachin, has revived its project to build a sanatorium complex in Belokurikha, Altai Krai. The facility will feature 220 rooms and is estimated to cost 5 billion rubles. Despite high prices and the growing popularity of wellness tourism in Russia, the company anticipates a return on investment within 10–12 years.
Azimut Hotels confirmed its 5 billion ruble investment in a health and wellness complex at the Belokurikha resort. This marks the first project the network will construct independently. Having secured the necessary permits, the company has commenced work, with completion projected for 2027. The project aims to establish a classic sanatorium, positioned as a five-star facility.
About Azimut Hotels
Azimut Hotels, founded in 2004, is primarily owned by Alexander Klyachin and ranks among Russia`s largest hotel operators. In 2024, the company`s room inventory grew by 10% year-over-year to 12,000 rooms, with revenue increasing by 22% to 28 billion rubles.
Azimut Hotels had been considering expansion into Belokurikha since 2022, initially planning a four-star complex. In September 2022, the network`s entities registered a separate structure in Belokurikha, «LLC Proekt Belokurikha Gornaya,» which later transferred to federal ownership in 2023. This occurred when the Federal Agency for State Property Management (Rosimushchestvo) acquired 40 companies linked to Mr. Klyachin`s assets, following a lawsuit filed by the Prosecutor General`s Office as part of the «Rus-Oil» case.
In early 2025, Klyachin reached an agreement to repurchase his assets. According to SPARK, «LLC Proekt Belokurikha Gornaya» is now controlled by «LLC KR Plus,» though its beneficiaries remain undisclosed.
The planned area for the Azimut Hotels sanatorium in Belokurikha spans 20,000 square meters, encompassing a 220-room hotel and a medical-wellness facility. Marina Merezhko, a partner at CMWP, estimates the average investment payback period for such projects at 10–12 years. Igor Kokorev, Director of Strategic Consulting at Nikoliers, points out that while sanatorium complexes often yield higher profitability than comparable hotels in terms of class and location, they also demand substantially larger initial investments.
«We see a significant need for investment in the sanatorium and resort sector.»
Belokurikha is a renowned balneological resort in the Altai Krai. Olga Shirokova, a partner at NF Group, reports that the resort offers 2,900 hotel rooms, with 2,400 of these located within sanatorium facilities. Marina Merezhko adds that the average cost of a wellness package in Belokurikha ranges from 15,000 to 65,000 rubles per day. Sergey Romashkin, Vice-President of the Association of Tour Operators of Russia, considers Belokurikha one of the most successful resorts, noting a consistently high average annual occupancy rate of 90%.
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Azimut Hotels is also set to manage a hotel in Skolkovo.
Marina Merezhko observes a general increase in investor interest in hotels that incorporate medical components, a trend she attributes to the post-COVID-19 pandemic era. Ms. Shirokova further notes the rising popularity of healthy lifestyles, proper nutrition, and wellness-oriented holidays. However, according to Rosstat data, the flow of visitors to sanatorium and resort organizations has seen a slight decline, with 3.92 million people staying there from January to July 2025, a 0.1% decrease year-over-year. This marginal dip might be attributed to reduced interest in vacations in the Krasnodar Krai, where the number of visitors to health resorts decreased by 6.8% year-over-year to 805,900 people during the same period.
