He said these are below-market prices but that investors are "meeting [the government] halfway."

"In principle, these are not market prices — we understand that. But investors are meeting [the government] halfway; these are contractual obligations, and investors already took on these obligations taking into account the fact that the government made very large investments in infrastructure," Chernyshenko said during a meeting of the Sochi coordinating committee with President Dmitry Medvedev.

Chernyshenko said there will be 41,000 hotel rooms for the Sochi winter games, 20,000 of which will be in newly built three- to five-star hotels. The Black Sea resort city had just 1,700 high-quality rooms in 2007.

The government has launched an ambitious development plan for Sochi in preparation for the Winter Olympics, hoping to turn the city into an attractive resort with developed infrastructure.