Mayak Corporation forced to leave, says Accord Invest

‘I feel focusing on hotel construction is more reasonable just now than concentrating on housing. The thing is, the hotel estate market is doing better at the moment than the housing one, even though things are not at all splendid there,’ Accord Invest’s Ural branch’s Director Konstantin Selyanin said to an UrBC reporter.

Meanwhile, Mayak Corporation has recently announced that they were leaving the housing market for the hotel one.

‘Housing estate that used to be Mayak and many other builders’ main source of income is now in grave trouble, largely because the supply does not correspond with the customers’ purchasing power. Investing in hotels sounds like a good idea: even if the builders fail to sell the building, they can always run the hotel themselves and get their money to pay off gradually. Besides, Mayak has had some problems with the buildings ordered by some municipal authorities. I suppose things will be easier with hotels. So, all in all, this looks like a justified decision, even though a forced one, in fact,’ Selyanin said.

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