St. Petersburg's Mars Field Luxury Hotel Project Gets New Owner
September 29, 2026, 9:34 pm
St. Petersburg's high-profile luxury hotel project on Mars Field has a new proprietor. Start Invest now controls ООО "Lotos Oteli," taking over from a Gazprombank-affiliated entity. This pivotal acquisition signals renewed efforts to develop a five-star hotel. The project is situated in historic Pavlovsky Regiment barracks, a federal cultural heritage site. Such a transformation demands substantial financial commitment. Industry experts project billions in required investment. The city's hotel market faces stagnation. This shift in ownership marks a critical moment for a significant urban redevelopment.
A landmark luxury hotel development in St. Petersburg found new ownership. On September 25, ООО "Lotos Oteli" changed hands. This company holds 1.4 hectares on Mars Field. The central location is highly coveted. Previously, a closed-end mutual investment fund, "Nevsky – Seventeenth Fund," managed by "AM-Invest," owned the project. This fund had ties to Gazprombank. The bank-linked entity has now exited the venture.
The new owner is АО "Start Invest." The company's beneficiaries remain undisclosed. Victoria Sobolevskaya serves as CEO of АО "Start Invest." She confirmed the full acquisition of "Lotos Oteli." The new investor plans to restart work on the complex. The goal is a modern, high-end hotel.
The ambitious project targets a five-star luxury rating. It will feature 117 rooms and 52 apartments. The total building area spans 24,700 square meters. The site holds immense historical value. It once housed the Pavlovsky Regiment barracks. This building is a federal cultural heritage site. Its redevelopment requires meticulous care. Such projects demand specialized expertise.
The journey of this project has been long and complex. Initially, Plaza Lotus Group handled the reconstruction. Co-owners Boris and Mikhail Zingarevich founded the group. In 2011, St. Petersburg’s government signed an investment agreement. This allowed the developer to acquire the building without competitive bidding. However, financial difficulties arose. In 2018, the project transferred to Bank "Saint Petersburg" due to debts. The bank planned a 5 billion ruble investment. In 2024, the property changed hands again. It moved to the Gazprombank-linked investment fund. This recent sale marks its latest ownership shift.
АО "Start Invest" enters this complicated history. Little is publicly known about the company's background. Its CEO, Victoria Sobolevskaya, has a significant track record. She owns stakes in various St. Petersburg restaurant management firms. Sobolevskaya also managed ООО "Regional Hotel Network" from 2009 to 2010. During that period, VIYM owned the network. VIYM is associated with Andrey Yakunin, son of Vladimir Yakunin, former head of Russian Railways. Sobolevskaya further served as CEO of АО "Tristar Investment Holdings" from 2010 to 2014. This company also belonged to Andrey Yakunin. Sobolevskaya, however, denies any current connection between АО "Start Invest" and VIYM.
The financial scope of this undertaking is substantial. Industry experts estimate the acquisition price at 2.5 to 3 billion rubles. This figure represents only the initial purchase. The complete development requires much greater capital. Adapting a federal cultural heritage site is costly. It involves extensive restoration, engineering, finishing, and equipping. These elements add significant expense.
Project completion costs are staggering. One expert estimates the total investment at approximately 12.35 billion rubles. This calculates to over 500,000 rubles per square meter for the 24,700 square meter property. Another assessment projects an even higher range. Costs could reach 15 to 17 billion rubles. This makes the Mars Field hotel one of St. Petersburg's most capital-intensive real estate ventures.
Gazprombank's exit from the project aligns with a broader strategy. The institution has been divesting non-core assets. This specific hotel development was deemed outside its primary focus. For example, "Gazprombank-Investments" recently sold a large shopping center in Moscow. Such sales streamline the bank's portfolio.
The St. Petersburg hospitality market presents a challenging backdrop. The city's hotel sector faces stagnation. Data from January to June 2026 shows a decline in occupancy rates. Hotel occupancy dropped 3 percentage points, settling at 59%. While the average room rate saw an 8% increase to 10,300 rubles, revenue per available room (RevPAR) decreased by 1% to 6,100 rubles. These figures highlight a competitive environment. New luxury offerings must carve out a strong position.
The new ownership signifies a crucial juncture. Start Invest faces significant investment hurdles. The cultural heritage status adds complexity. Market conditions demand strategic planning. Resurrecting this iconic St. Petersburg project requires robust financial backing and expert management. Its successful completion could redefine luxury hospitality in the city. The transformation of former military barracks into a five-star destination holds immense potential for urban renewal. All eyes now turn to Start Invest as it embarks on this ambitious journey.
A landmark luxury hotel development in St. Petersburg found new ownership. On September 25, ООО "Lotos Oteli" changed hands. This company holds 1.4 hectares on Mars Field. The central location is highly coveted. Previously, a closed-end mutual investment fund, "Nevsky – Seventeenth Fund," managed by "AM-Invest," owned the project. This fund had ties to Gazprombank. The bank-linked entity has now exited the venture.
The new owner is АО "Start Invest." The company's beneficiaries remain undisclosed. Victoria Sobolevskaya serves as CEO of АО "Start Invest." She confirmed the full acquisition of "Lotos Oteli." The new investor plans to restart work on the complex. The goal is a modern, high-end hotel.
The ambitious project targets a five-star luxury rating. It will feature 117 rooms and 52 apartments. The total building area spans 24,700 square meters. The site holds immense historical value. It once housed the Pavlovsky Regiment barracks. This building is a federal cultural heritage site. Its redevelopment requires meticulous care. Such projects demand specialized expertise.
The journey of this project has been long and complex. Initially, Plaza Lotus Group handled the reconstruction. Co-owners Boris and Mikhail Zingarevich founded the group. In 2011, St. Petersburg’s government signed an investment agreement. This allowed the developer to acquire the building without competitive bidding. However, financial difficulties arose. In 2018, the project transferred to Bank "Saint Petersburg" due to debts. The bank planned a 5 billion ruble investment. In 2024, the property changed hands again. It moved to the Gazprombank-linked investment fund. This recent sale marks its latest ownership shift.
АО "Start Invest" enters this complicated history. Little is publicly known about the company's background. Its CEO, Victoria Sobolevskaya, has a significant track record. She owns stakes in various St. Petersburg restaurant management firms. Sobolevskaya also managed ООО "Regional Hotel Network" from 2009 to 2010. During that period, VIYM owned the network. VIYM is associated with Andrey Yakunin, son of Vladimir Yakunin, former head of Russian Railways. Sobolevskaya further served as CEO of АО "Tristar Investment Holdings" from 2010 to 2014. This company also belonged to Andrey Yakunin. Sobolevskaya, however, denies any current connection between АО "Start Invest" and VIYM.
The financial scope of this undertaking is substantial. Industry experts estimate the acquisition price at 2.5 to 3 billion rubles. This figure represents only the initial purchase. The complete development requires much greater capital. Adapting a federal cultural heritage site is costly. It involves extensive restoration, engineering, finishing, and equipping. These elements add significant expense.
Project completion costs are staggering. One expert estimates the total investment at approximately 12.35 billion rubles. This calculates to over 500,000 rubles per square meter for the 24,700 square meter property. Another assessment projects an even higher range. Costs could reach 15 to 17 billion rubles. This makes the Mars Field hotel one of St. Petersburg's most capital-intensive real estate ventures.
Gazprombank's exit from the project aligns with a broader strategy. The institution has been divesting non-core assets. This specific hotel development was deemed outside its primary focus. For example, "Gazprombank-Investments" recently sold a large shopping center in Moscow. Such sales streamline the bank's portfolio.
The St. Petersburg hospitality market presents a challenging backdrop. The city's hotel sector faces stagnation. Data from January to June 2026 shows a decline in occupancy rates. Hotel occupancy dropped 3 percentage points, settling at 59%. While the average room rate saw an 8% increase to 10,300 rubles, revenue per available room (RevPAR) decreased by 1% to 6,100 rubles. These figures highlight a competitive environment. New luxury offerings must carve out a strong position.
The new ownership signifies a crucial juncture. Start Invest faces significant investment hurdles. The cultural heritage status adds complexity. Market conditions demand strategic planning. Resurrecting this iconic St. Petersburg project requires robust financial backing and expert management. Its successful completion could redefine luxury hospitality in the city. The transformation of former military barracks into a five-star destination holds immense potential for urban renewal. All eyes now turn to Start Invest as it embarks on this ambitious journey.