OKKO Group has commenced the construction of the year-round GORO Mountain Resort at the foothills of the Vysoky Verkh mountain range, situated 650 meters above sea level in the Lviv region, as reported on the group's website on Wednesday.
The total investment in the recreation project is estimated at $1.5 billion. OKKO Group plans to invest $500 million from its own and borrowed funds, with an additional $1 billion to be raised from other investors.
The total area of GORO Mountain Resort will cover nearly 1200 hectares, of which 360 hectares are designated for mountain and ski infrastructure, while over 800 hectares are allocated for the development of hotel, commercial, and recreational facilities.
Over the next 15 years, it is planned to construct 41 ski trails spanning 75 km with 342 hectares of snowmaking, along with 17.5 km of lifts, including two modern gondola lifts and 11 chair lifts, as well as Welcome and Mountain centers.
The construction of the first phase of GORO, covering an area of 127 hectares, has already begun 5 km from the village of Slavske, with completion expected in 2028-2029. This phase includes 10 ski trails totaling 13 km, five hotel complexes with over 1100 rooms, along with recreational infrastructure featuring spa areas, swimming pools, restaurants, and zones for children and business.
"We see potential, even in the face of the challenges posed by war, and we understand the importance of such ambitious projects for the socio-economic development of the Lviv region. The new mountain recreation project should serve as a magnet for both Ukrainian and foreign tourists as well as potential investors, placing a modern mountain location on the European tourism map," noted OKKO CEO Vasyl Danyliak.
In GORO Mountain Resort, OKKO Group acts as the sole owner, main investor, master developer, builder, and operator to ensure the harmonious development and cohesive concept of the year-round recreational project.
To create an international format, OKKO Group has engaged world-class Austrian experts: PKF Hospitality (investment analysis and concept), ILF Group (master plan and ski infrastructure), and Doppelmayr/Garaventa Gruppe (design of lifts and cable cars). The development and construction of real estate at GORO Mountain Resort is managed by the investment and development company GORO Development, while a single operator will manage the complex.
OKKO Group encompasses over 10 diverse businesses in manufacturing, trade, construction, insurance, services, and other fields. The flagship company of the group is the Galnaftogaz concern, which operates one of the largest gas station networks in Ukraine under the "OKKO" brand, comprising around 400 gas station complexes.
The founder and ultimate beneficiary of the group is Vitaliy Antonov.