A Ukrainian developer starts construction of a new hotel that will have almost 500 apartments in the west of Ukraine.

Ukrainian real estate developer Perfect Group has begun construction of the Velmy apart-hotel in Polyanytsia, in the Ivano-Frankivsk region. The goal of the Velmy project is to change the standards of recreation and investment in the region.

“This is a reliable investment with a projected payback of eight to nine years, which makes the project attractive to investors,” the company says.

The Velmy apart-hotel is located in Bukovel next to Lake Molodist. It will contain 492 apartments ranging in size from 26 to 80 square meters. The complex is positioned as a business class facility, with the proposed infrastructure including a panoramic swimming pool, gym, restaurants, and conference hall.

The declared commissioning date for the first phase is the third quarter of 2026. Currently, the price per square meter is from ₴167,900 ($3,800). Velmy is expected to have a year-round tourist season, with potential rental yields of up to 12% per annum.