Russia's Commercial Company has announced plans to build a 20-strong mid-market hotel chain in the Ukraine.
The hotels, all in the three-star category, will cost a total of $100m (£53m) and be built in the larger regional centres of the country.
Most will be in Crimea, where the company plans to invest in the resort area around Alushta.
A, as yet unnamed, Western consultancy will advise Commercial Company on the project.
Ukraine has a dearth of hotels priced for the middle-class, and industry experts predict the new properties will do well.
Commercial Company, set up in August 1999, has been in charge of all investment initiatives of the National Reserve Corporation of Russia in the Ukraine.
The National Reserve Corporation of Russia is in turn the non-banking asset management company of the National Reserve Bank of Russia.
By Chris Druce