Russia’s Renova Group, a subsidiary Airports of Regions, has been chosen by the Kamchatka region as an investor to renovate the new terminal at the Petropavlovsk-Kamchatsky Yelizovo Airport.

Renova Group, the Russia’s Ministry of Transport and the Kamchatka Krai government signed a cooperation agreement at the Eastern Economic Forum at Vladivostok Sept. 6.

The new terminal will be built within 40 months. A 120-room hotel will also be built.

Renova will invest RUB7 billion ($123 million) in the new infrastructure. Previously, the Russian government invested RUB12 billion in the state-owned airport for the runway.

According to Russia’s Federal Air Transport Agency, the Petropavlovsk-Kamchatsky airport handles 617,986 passengers.

Airports of Regions also operates Yekaterinburg’s Koltsovo, Kurumoch Airport in Samara, the Strigino International Airport in Nizhny Novgorod and Rostov-on-Don Airport.

Polina Montag-Girmes