An investor who wants to enter a resort project can participate in it in different ways, and the most understandable model is to buy a unit: an apartment hotel, a studio, a modular house, a cottage or a glamping house, in which case the investor owns a particular object and transfers it to the management company.
The second model is to buy shares in a project JSC created for a specific business: a hotel, glamping, a bath complex, a medical center, a restaurant, a tour service or a management company, in which case the investor owns not a room, but part of the business.
These models can't be confused. Units are managed real estate. Project JSC shares are corporate participation. They have different income logics, different rights, different risks, different liquidity, different investor type.
1.The main difference is the object or business
A unit gives an investor a specific object, which can be an apartment in an apartment, a hotel apartment, a modular house, a studio, a cottage or a glamping unit, and the investor understands what he has bought: the area, the layout, the finish, the view, the room, the object in a particular complex.
The stock of the project JSC gives the investor a stake in the company, and it buys not a room or a house, but part of the legal entity that owns or manages the project, it can be a JSC for a hotel, glamping, bath complex, medical center, restaurant, service company or route operator.
The difference is fundamental. The unit owner thinks like the owner of the property: how much is my property being rented, what is the cost, when is the payment, can I come in? The shareholder of the project JSC thinks like a co-owner of the business: what is the revenue of the company, what is the cost, what is the profit, how is the project managed, will there be dividends, how is the value of the shares going up.
Unit 2: A clear model for a private investor
The unit model is powerful because it's easy to understand: an investor buys a property, not an abstract share; he sees the object, he can come, live, show it to his family, use it for recreation and transfer it to management the rest of the time.
For many private investors, it's more psychologically important than stocks, people are used to real estate, apartments, apartments, rooms, cottages, all of these things are understandable, and even if the returns are moderate, the person still has a sense of a tangible asset.
In a resort, a unit is particularly strong when it has a dual function of personal use and income, and the owner can come to Altai for two to three weeks, live in a natural environment, have a wellness program, work remotely, and then transfer the unit to the management company.
The main plus of the unit is specificity, the main disadvantage is dependence on the management company and limited participation in the overall economy of the resort.
3. Project JSC shares: a model for an investor who wants to participate in business
The stock of a project JSC is a different type of investor, where the person is buying not a number, but a part of the business, and he's interested not only in the object, but also in the total profit of the company.
For example, a glamping company is created for 50 houses, and the company receives revenue from accommodation, food, baths, routes, transfers, rentals, events and corporate rides, and after the expenses, the company generates profit, and shareholders can participate in its distribution through dividends, if such a decision is made in the prescribed manner.
This model is especially strong for objects that cannot or is impractical to divide into separate units: a medical center, a bath complex, a restaurant, a tour service, a transport company, a management company, a glamping network or a service center.
Federal Law No. 259-FZ regulates the attraction of investments through investment platforms, and the rules of individual platforms directly provide for investment through the provision of a loan or the purchase of securities provided for by 259-FZ. This provides a legal framework for the careful use of the platform model when issuing securities of a project company.
4. How income is generated in the unit
The unit owner's income is generated from the operation of the facility. The guest pays for the accommodation. The management company withholds commission and expenses. The balance is distributed to the owner by contract.
Different schemes are possible. Individual model calculates income by number; Boiler model collects income of the entire aparthotel in a common pool and distributes it among owners according to a formula; Guaranteed model promises fixed income for a certain period of time; Hybrid model can combine a minimum fixed income and a share of the result.
In the Russian market, the public benchmark of the management company’s commission for apart-hotels is about 20-30%, and in the example of Avenir, the commission is listed at 25%, which is called the average indicator of the management market of apart-hotels in St. Petersburg, which also emphasizes that the total profitability can include additional services: breakfast, early check-in, late check-out, cleaning, living with pets and other services.
So basically what that means is, the unit owner has to look not just at the percentage of returns that they're promised, but at the whole formula: What's the revenue? What's the cost? What's the fee? Is there a repair fund? What's the extra income that goes into the calculation? What happens in low season?
5. How income is formed in the shares of the project JSC
The shareholder's income of a project JSC is different: the company receives revenue from all activities, then pays for expenses, taxes, personnel, maintenance, marketing, rent, repairs, interest, operator services and other liabilities, and then generates profit.
Dividends are not paid automatically, but by the decision of the company, if there is a profit and if the company does not direct it to development, repayment of debts or reserves, this should be honestly explained to the investor. Stocks give the right to participate in profits, but do not guarantee regular payment.
But the shareholder can participate in the value of the business, and if the project grows, increases revenue, expands services, strengthens the brand, increases the flow of guests, and increases the capitalization of the asset, the value of the share can rise, and this is different from the unit: the unit owner receives income from the property and the value of the property, and the shareholder can receive income from the entire operating model of the company.
In the SPV model for real estate, an object can be registered on a specially created JSC, whose shares are purchased by investors, and the income is distributed proportionally to their shares; Forbes cites such a scheme as one of the options for collective real estate investments.
6. Investor control: where more rights
At first glance, it seems that the unit owner controls more because he has a specific object, in practice, control is limited. If the unit is included in an aparthotel, the owner cannot change the rules of occupancy, furniture standards, tariff policies, sales channels, cleaning costs, advertising strategy and review.
The unit owner can control the management contract, the reports, his payouts, his personal use rights and the condition of the facility, but it is strategically dependent on the operator and the overall quality of the complex.
The shareholder of the project JSC does not own a specific number, but has corporate rights: participation in the general meeting, voting on the competence of shareholders, the right to information, the ability to participate in the approval of key decisions through the charter and shareholder agreement. This is not daily management, but this is another level of legal participation.
So the control issue is not easy: Units give control of the object, but not the business, stocks give participation in the business, but do not give a personal number.
7.Liquidity: Which is easier to sell
A city apartment is usually easier to sell than a unit or shares of a project company. But when you compare a unit and shares, the situation depends on the quality of the project.
It's easier to explain a unit to a customer: there's a room, there's an object, there's a contract with the MC, there's a history of payments, there's a possibility of personal use, so the unit has a potentially wider range of customers, but if the aparthotel is poorly managed, the payouts are low, the facility is outdated or the market is overheated, liquidity will be weak.
The shares of a project JSC are harder to sell to a mass buyer because they are already a corporate asset. The buyer must understand the business, reporting, shareholder rights, restrictions on sale, charter, shareholder agreement and dividend prospect. So you need to prescribe the exit mechanism for the shares: preferential right to buy, internal site, redemption by the project company, sale through the platform or the procedure for finding a new investor.
In a strong model, stocks may have good liquidity within the investment community, but without clear reporting and exit mechanisms, they will be harder to sell than units.
8 Unit risks
The main risk of a unit is dependence on the management company. If the C.I. is weak, the profitability falls. If the costs are opaque, the investor does not understand where the revenue goes. If the object is poorly maintained, the rating goes down. If the owners conflict, the hotel loses the uniform standard.
The second risk is overpromising returns. Aparthotels often use 8-12% per annum, sometimes more. But real returns depend on load, tariff, costs, taxes, repairs and commissions. In 2026, the St. Petersburg aparthotel market is already facing increased supply, increased competition, reduced load and pressure on profitability, and experts note that projects with attractive location, efficient management and developed infrastructure will be in demand.
The third risk is wear and tear. The hotel room needs constant renovation, and if the repair fund is not pledged, the returns on the first years will be inflated.
The fourth risk is the restriction of personal use, and if the owner wants to come in high season, it can conflict with the income model.
9. Risks of the shares of the project JSC
The main risk of stocks is business risk: if the project does not work, the profit does not appear; if the profit is used to develop or pay off debts, dividends may not be paid; if the management is weak, the shareholder depends on the quality of management.
The second risk is corporate conflict, where minority shareholders must be protected by charter, shareholder agreement, reporting, approval of major transactions, interest-based transactions, and access to information.
The third risk is the difficulty of exiting, and selling shares in a nonpublic joint stock is usually harder than selling an apartment or unit, so the exit mechanism must be pre-defined.
The fourth risk is lack of transparency, and if a project JSC fails to disclose reporting, show costs, access key metrics, and explain solutions, investor confidence quickly declines.
Fifth risk is over-expectations: you can't sell "guaranteed income" in the equity model if it's participation in a business, you have to show scenarios that are conservative, basic and optimistic.
10.Where the unit is stronger than the stock
The unit is stronger where the investor wants a tangible object, because it's important for him to own a particular apartment or a house, because he wants to come himself, because he wants to have a clear property, not just a stake in the company.
Unit is better suited for family investors, people who want a second place of life, remote owners, entrepreneurs who want to use the object themselves, and buyers for whom an emotional connection with Altai is important as profitability.
It's also easier to sell in the first phase, and the developer shows you the layout, the look, the finish, the design, the management rules, the profitability forecast, and the possibility of a personal stay, and it's clear to a wide audience.
Therefore, the unit is a strong product for apart-hotels, hotel buildings, modular houses and resort apartments.
11.Where the shares of the project JSC are stronger than the unit
Stocks are stronger where the facility operates as a single business: a medical center, a bath complex, a restaurant, a tour service, a management company, a transportation service, a glamping network or a service center are poorly divided into private units.
Stocks allow the investor to participate in the overall profit, for example, a bath complex can serve guests of several aparthotels and glampings, a tour company can sell routes throughout the territory, a medical center can receive guests of various facilities, a restaurant can work not only for residents, but also for external flow.
In these cases, it's more profitable for an investor to own a piece of business than a single room, and the income is not created by a square meter, but by the entire operating model.
12.The optimal model for a resort town is not to choose one, but to combine
For a large resort area, the correct answer is not "units or stocks," but for different tasks, the right answer is units and stocks.
You can develop accommodation through units: aparthotels, modular houses, glamping houses, cottages, studios, and that gives the developer a sale, the investor a facility, the territory a room fund.
Services can be developed through project JSCs: bathhouse, restaurant, medicine, excursions, transportation, rental, management company, glamping network, event venue, which gives investors business participation, and territories a diverse economy.
If you sell everything in units, you risk becoming a bunch of real estate owners, and if you do it through stocks, some private investors won't come in because they want a clear object, and a strong model combines both.
13 What it should look like in Altai
For example, there is a large area for a resort city, the first stage includes an aparthotel, a glamping city, a bath complex, a health unit, a route bureau, a restaurant and a service center.
Apartment units are sold to private investors, they transfer them to the management of the Criminal Code and receive income from the placement.
Glamping can be done in two ways: If the houses are customized and personal, some of them can be sold as units, and if it's an expedition network with a single operating model, you'd better build a design AO.
Bath complex is better to arrange through a project JSC, because it is a common service for the entire territory.
The medical center is better to arrange through a separate project or operating company with licensing, personnel and control.
Excursion and transport services can be separated into a separate business.
So the territory gets more than one source of income, more than one source of income, and the investor can choose a level of participation that is understandable to him.
14. How to explain to an investor on the site
You just have to write.
If you want to own a specific object, use it yourself and receive income from the delivery through the management company, you are suitable unit.
If you want to participate in the business of a hotel, glamping, bath complex, medical center or service company, you are suitable for participation in a project JSC.
If you want to be as clear and material as possible, choose a unit. If you are interested in business profit and corporate rights, consider the shares of a project JSC. If you want to diversify, you can combine both models: buy a unit for personal use and invest part of the capital in a project JSC service facility.
15. How to explain a developer
For a developer, this is not a legal theory, but a way to expand sales and financing.
Units allow you to quickly monetize your room pool; project JSCs allow you to raise money for services that add value to the entire territory; an investment platform can give access to more private investors; a management company turns a set of objects into a single operating system.
So the developer is selling not just square meters, but participation in the growing resort ecosystem, which is especially important at a time when urban apartments are selling harder, and the investor is looking not just for real estate, but for a clear income model.
16.A comparison in one logic
A unit is real estate. A project AO's stock is a business.
Units are personal. Stocks are corporate.
The unit generates income from the operation of the facility, and the shares are entitled to participate in the company's profits.
The unit depends on the management company. The shares depend on the management of the project society.
Units are easier to explain and sell to mass investors, and stocks require a more mature investor and quality documentation.
Units are habitable. Stocks are serviceable.
Units are better for the emotion of ownership. Stocks are better for participating in the overall resort economy.
The practical conclusion
Unit and shares of the project JSC do not compete, but cover different needs.
Units create room pools and give the private investor a clear object. Project JSCs create businesses that make the area liveable: medicine, bath, restaurants, routes, glamping, transportation, rental, management company and service centers.
The big takeaway is that if you sell units only, you can build an apartment complex, and if you add design joint-stock companies, you can build a resort ecosystem where investors participate not only in real estate, but also in the profits of the service business.
An investor can enter a resort in two ways: one is to buy a unit: a room, an apartment, a modular house or a glamping facility, which is a clear model of ownership, and the investor can use the property himself, transfer it to the management company and earn income from the placement.
The second way is to buy shares in a project company that is created for a specific business: a hotel, glamping, bath complex, medical center, restaurant, excursion service or service company, in which case the investor owns not a number, but part of the business, he gets corporate rights and can participate in the distribution of the company's profits.
The mixed model is optimal for Altai resort towns: accommodation develops through units, and the service economy through projected JSCs. This creates not disparate real estate, but a full-fledged resort ecosystem, where income is formed not only from living, but also from medicine, baths, routes, restaurants, transport, glampings and management company.