A new five-star hotel will be constructed in Minsk downtown.
The decision was formalized by Council of Ministers’ Resolution No.998 as of 21 November “Concerning the implementation of the investment project” posted on the National Legal Internet Portal on 26 November.
An investment agreement will be signed between Belarus and the foreign company Minsk Princess Hotel of the joint-stock venture Irada to implement an investment project to construct a five-star hotel complex that will have 250 or more rooms. The historical design of the building located at 23 Krasnaya Street will not be modified.
The economy committee of the Minsk City Council told BelTA that the new luxury hotel will be located in the building of the former Yakub Kolas Minsk Color Printing Factory.
The Minsk City Council is authorized to sign the investment agreement on behalf of Belarus, as well as to coordinate the work on the project, and adopt the list of technological equipment and component parts imported to Belarus to implement the project. This is needed to confirm the preferences on import duties (considering Belarus’ international commitments) and the value-added tax, as well as the preferences on the goods (works, services) and property rights obtained (imported to Belarus) and used to design, construct (renovate), and equip the facilities.