
After five years of waiting and court procedures, Russian firm Aminona Luxury Resort and Village SA have received the go-ahead to build a 300-room hotel in the Swiss Alps.
The decision made by the Federal Supreme Court of Switzerland, allows the construction of 15 small apartment buildings in Mollens in the canton of Valais to begin. The rest of the project, which includes the construction of eight 10- to 14-story towers, 45 luxury chalets and a 54-room hotel, is yet to be approved.The project is estimated at 650 million Swiss francs and is backed by Russian and foreign investors. Aminona’s Managing Director Vladimir Marakutsa explained that financing came from an investment fund in Luxembourg.It is hoped the project will provide a boost to the country's tourism industry (currently accounting for five percent of GDP), which has suffered due to the strength of the Swiss franc. Despite being capped at 1.20 francs to the euro last September, the country is still considered an expensive destination relative to neighbouring France and Italy.Building works are scheduled to commence in the spring of 2013.
