YOU READ IT FIRST HERE. A $1.5 billion all-season holiday resort is being started in war-torn Ukraine, and there is no shortage of multinational investors.

In the Slavske community of the Lviv region, just 160 kilometers from the Polish border, the large-scale construction of the year-round GORO Mountain Resort is underway.

They know the war is over

The total budget for the project is estimated at an astronomical $1.5 billion, for a nation at war. The completion of the first phase is scheduled as early as summer of 2027, with key infrastructure following in 2028.

At first glance, launching a project of this scale amidst a full-scale war seems paradoxical. However, a detailed financial and geopolitical analysis reveals a pragmatic economic calculation driving this decision.

EU Taxpayers relax

The project is being implemented without utilizing the state budget or any personal capital from politicians. Instead, it relies on a clear, three-part business model:

Anchor Investor’s Own Funds ($500 million)

The project was initiated and is managed by the Ukrainian conglomerate OKKO Group, whose primary asset is one of the largest gas station networks in the country, owned by Vitaliy Antonov.

Fuel retail generates stable liquidity, a portion of which is being reinvested into long-term domestic infrastructure.

Ukrainian Bank Credit Lines

The business is actively securing commercial loans within the country.

For instance, PUMB Bank extended a 10-year long-term loan for the development of ski infrastructure, while Pivdenny Bank opened a €6 million credit line specifically for constructing the panoramic Mountain Centre complex.

Crowdfunding and the Private Sector ($1 billion)

The majority of the budget is set to be covered by external private investors and development co-investment.

A dedicated entity, GORO Development, is selling hotel rooms and apartments under an income-generating real estate model.

Notably, more than 50% of the rooms in the first hotel, ONDE, were sold out within the first 5 months of sales, with Ukrainian agricultural executives seeking alternative ways to preserve capital emerging as active buyers.

Why Now?

Several compelling reasons explain why this multi-billion-dollar project kicked off and continues its active phase of construction:

Boom in Domestic Tourism

Due to closed airspace and martial law travel restrictions for men, the Carpathian Mountains have become the primary and safest recreational hub in the country.

The demand for high-quality domestic hospitality heavily outweighs the current supply.

Location and Security

The Slavske community is situated deep in the rear, naturally shielded by mountainous terrain. Its geographic proximity to Poland (160 km) positions the asset strategically for the future; the resort intends to capture a massive influx of European tourists once borders reopen.

State Incentives

The project was granted official status as a strategic investment under Ukraine’s ‘Investment Nanny’ program.

This provides the developer with tax benefits, customs duty exemptions for importing specialized equipment (such as Austrian Doppelmayr ski lifts or Demaclenko artificial snowmaking systems, and local government cooperation.

OKKO

Since 2018, OKKO has already paid around 1.4 billion UAH in taxes to the local municipality, becoming the region’s main financial pillar.

Single-Operator Philosophy

Unlike traditional European resorts characterized by thousands of fragmented property owners, GORO is built under a single master developer.

This enables highly synchronized infrastructure growth: from erecting its own €11 million power grid to executing a ‘150 steps to any resort facility’ architectural concept.

Summary

The construction of GORO Mountain Resort is a classic textbook example of playing the long game.

Major Ukrainian capital is choosing not to flee the country, but rather converting into tangible, physical assets on Ukrainian soil. It is laying the groundwork for post-war economic recovery and integration into the European tourism market.

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