Sistema, Saraya Plan Hotel

Sistema-Hals, billionaire Vladimir Yevtushenkov's property unit, and Saraya Holdings plan to build a resort in Sochi, host of the 2014 Winter Olympics.

The Black Sea complex, to be built on the site of the Kamelia hotel, will include a 200-room, five-star hotel and health spa, as well as a residential zone and shops, the companies said in a statement last week.

The value of the deal was not disclosed.