OREANDA-NEWS.  December 03, 2013. VTB Bank has opened a five-year credit line worth RUB 790 million for Spring Investment Company to build a new hotel in Nizhny Novgorod.

Deputy President and Chairman of VTB Bank Management Board Mikhail Oseevskiy said: "By financing infrastructure projects like this across Russia, VTB contributes to their active development and success."

"The credit terms offered by VTB have proven most acceptable for the implementation of our project," President of the Board of Directors of Spring Investment Dmitry Volodin said.

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Spring Investment (Vesenniye Investitsii) is a company in Nizhny Novgorod, specialising in hotel and restaurant business and construction. The company owns the hotels Ibis, Nikola House and Zhuk Zhak in the city. Constructed on the site of the former Moskva Hotel on Bolshaya Pokrovskaya Street, the hotel complex will be the fourth hotel to be opened in Nizhny Novgorod by the company.