What the study describes

Lankaran Springs Wellness Resort operates in Haftoni, Lankaran District, Azerbaijan. The study compares the pipeline record of a “second phase” with the description of the operating resort and with what the management group and the general contractor show in their public project lists.

The pipeline record and the operating resort

The study's reading: the pipeline record is either an early idea for the site's reserve land or a mix of the operating resort's parameters with the YENEE launch. Neither the contractor's nor the operator's public lists show a separate 160-room building in Haftoni: the management group's “Upcoming projects” section is empty (checked in October 2026).

Site timeline

The group and the management company

Ownership, operation, management and construction sit in separate companies. At the top is PASHA Holding (Baku, Port Baku Towers). The group's development company is PMD Group, founded in 2013.

In 2017 PMD Group separated its agriculture and hospitality branches; in 2018 it set up the construction company PMD Projects. The study's head-office headcount for PMD Group (182) and a consolidation deal with PASHA Holding closed on 1 August 2023 come from data-vendor records and were not verified. research estimate, not confirmed by filings

• Ruslan Mikailov — chairman of the executive board of PMD Group.
• Dayanat Sadullayev — at PMD Group from 2015 as CFO, chairman of the board in 2021–2023; now chief of staff at PASHA Holding and, since June 2024, a board member of PASHA Insurance.
• Firuz Suleymanov — CEO of PMD Hospitality from June 2019 to December 2021.
• Azer Mirtagavi — CEO of PMD Hospitality since January 2022 (deputy CEO from April 2021).

The management company rebranded as TABIA Group. In October 2026 its list holds 16 hotels and resorts: Badamdar Hotel & Residences, Galaalti Hotel & Spa, Garabagh Resort & Spa, Excelsior Hotel & Spa Baku, Chinar Health Hotel, Gashalti Health Hotel, Lankaran Springs Wellness Resort, Chenot Palace Gabala, Aghdam City Hotel, Hilton Garden Inn Baku, Shamakhi Palace Sharadil, Ramada Plaza Gence, Goygol Lake Resort, The Central Point, Hilton Garden Inn Aghdam (opened 24 December 2025) and Yevlakh City Hotel.

Operating company and property

The resort's legal entity is Lenkeran Hotel And Resort Company, a subsidiary of PMD Hospitality, registered on 5 January 2015 at the group's Baku address. research estimate, not confirmed by filings

The study reads this as a property / operating split: financing of any extension would sit with PMD Group as the owner of the property, not with the operating company. research estimate, not confirmed by filings

In April–September 2020 the operating company appeared on the tax service's lists of businesses receiving pandemic support. Local press reports of tax arrears give no amount and are not included. research estimate, not confirmed by filings

Phase 1 capital cost

In the general contractor PMD Projects' table of completed projects, Lankaran Springs Wellness Resort is listed as completed in 2019, 31,025 m², contract amount 108,679,399.13 AZN — about 63.93 million USD at 1.7 AZN per dollar. The MEP contractor gives its own scope as 27,000 m². company data

The same profile's “highlighted projects” page gives the resort a different amount, 6,660,302.00 AZN. Its digits match the neighbouring Sharg Bazar project (16,660,302.00 AZN) without the leading one, which points to an error in the profile itself. The study reads it as a separate works package; the document does not show that. being verified

Per-room figures divide the contract sum by 182 rooms; they are not a reported line. The high cost per room reflects what phase 1 contained: clearing a forest site of about 11 ha, a separate two-storey medical centre, spa, restaurants, thermal pavilions over the springs, 46 covered and 80 open parking spaces. research estimate, not confirmed by filings

The phase 2 record: 45,000,000 USD (4.1 billion RUB, about 76.5 million AZN) for 160 keys and 310 beds (1.94 beds per room) — 281,250 USD per room, 19.9% below phase 1; the record's total is 29.6% below the phase 1 contract. With the operating building it would make 342 rooms. For an extension of an existing site (land, utilities and diagnostics in place) the study finds the lower cost per room plausible. research estimate, not confirmed by filings

Phase 1 room inventory

• One child under 6 stays free. A second child under 6 is 40 AZN per day (about 23.5 USD). A cot is 29 AZN per night (about 17 USD). research estimate, not confirmed by filings
• A day visit by an outside guest to the Istisu and Ibadi thermal pavilions is 3 AZN. research estimate, not confirmed by filings
• 10% off selected medical packages (an offer on the resort's site); the study names Standard, Arthrosis and Premium. In July, 10% off half board and 15% off full board, Saturdays excluded. company data
• Hotel charges are in manat. Check-in from 15:00, check-out by 12:00, minimum age 18, pets are not accepted. research estimate, not confirmed by filings

Scenario model of an extension

Contractors and engineering

Client — PMD Group. General contractor and project manager — PMD Projects: ISO 9001:2015 and ISO 14001:2015 certificates, an official Oracle partner for the Aconex platform, an office in Istanbul (Kağıthane). Its completed projects include the Alat economic zone, Khazri Residence, Baku Book Center, Zefir Mall and Sharg Bazar. According to the contractor's site, it designed and built the resort: the hotel building, a health centre, two wellness buildings and a kindergarten; the old sanatorium was rebuilt as part of the complex.

• Sinerji Proje — turnkey MEP systems, 27,000 m², April 2019. company data
• Tesla MEP — electrical works for the general contractor. company data
• ARAN INTERIOR — interiors and furniture for rooms and public areas. company data
• G&I Training Academy — health and safety support. company data

The MEP contractor's system list: building management (BMS), heating, ventilation and air conditioning, smoke exhaust and pressurisation, gas, water treatment and softening, wastewater and rainwater, busbars, generators, main distribution boards and UPS, lightning protection and earthing, fire detection and extinguishing including a Novec system, carbon-monoxide detection, public address, indoor and outdoor networks and Wi-Fi, video walls, professional audio, satellite TV, IP CCTV, access control, hotel door locks and barriers.

For any extension the study names three constraints. First, the indoor pool and a spa with two treatment rooms are small for 182 rooms; with 160 more rooms peak guests would rise from about 350 to 660. Second, the thermal water is aggressive to steel and copper (chlorides, hydrogen sulphide, carbon dioxide, iron, strontium), calling for titanium heat exchangers, PEX or CPVC pipes, degassing and softening. Third, wireless coverage in a concrete building on a forested site, which guests rate as the weakest point. Review scores are not included. research estimate, not confirmed by filings

Haftoni waters and the other Istisu

The resort sits in the subtropical forested foothills of the Talysh Mountains: about 10 minutes from Lankaran airport, 15 minutes from the Caspian and about 250 km from Baku. The site has 12 active sources — 7 wells and 5 springs.

According to the group, all sources were assessed before opening at the Russian National Medical Research Center for Rehabilitation and Balneology; the water is said to contain potassium, sodium, calcium, stable strontium and iron. company data

The study describes the baths as combining heat, natural gas hydromassage (nitrogen and methane) and the effect of sodium, calcium, magnesium, strontium, iodine and bromine ions on circulation, lymph flow and the nervous system. research estimate, not confirmed by filings

Medical centre, spa and YENEE

The study splits the medical cluster into three parts. The two-storey Lankaran Springs Medical Center: clinical chemistry and bacteriology laboratory, digital X-ray, ultrasound, a pharmacy; balneotherapy, peloid applications, hydrotherapy (jet shower and jet massage), colon hydrotherapy, electrotherapy, magnetotherapy, Sollux light, mechanotherapy, manual therapy, classical physiotherapy and therapeutic massage. The study says most laboratory panels are included in the basic package. company data

ACACIA spa: indoor pool, Finnish sauna, steam room, hammam, fitness and treatment rooms, including couple rooms; hot-stone therapy, sports, Swedish and Thai massage, aromatherapy and reflexology, with Thai therapists. The third part is the YENEE programme from October 2025: diagnostics, detox protocols, stress management and clinical nutrition with a personal menu. company data

• Standard Medical Package
• Arthrosis Medical Package — Istisu thermal baths, physiotherapy, manual therapy and kinesiotherapy
• Premium Medical Package — an extended check-up, physician supervision and a spa block
• YENEE retreats

The study gives no prices for the medical packages; only a 10% discount on selected packages is known.

Indications and contraindications as stated in the study

Public role and programmes

The opening on 15 October 2018 was attended by the President of Azerbaijan; the complex was presented as an Istisu and health centre for the south of the country with about 250 jobs, mostly for local residents.

The resort partnered the fifth camp of the YAŞAT foundation for children of those killed in the Karabakh war: 56 children aged 10–11 in the first week (the study gives 53 for the second). PMD Hospitality signed a memorandum with the ABAD agency to support family farms and local products in hotel supply. research estimate, not confirmed by filings

The national tourism board promotes the resort with Hirkan National Park (the ironwood Parrotia persica), Gizilagach reserve, tea and citrus plantations and local cuisine. company data

The study links a TABIA Group memorandum with the airline Fly Khiva (17 June 2026) to the resort. According to the tourism board, the memorandum covers Tashkent–Ganja flights and health tourism to Naftalan; Lankaran is not named. being verified

Observations in the study