The relevance of the problem under investigation is due to the fact that the lack of validity of the development strategy, fragmentary use of new financial technologies, incomplete account of internal and external factors of the financial environment, reduces the investment attractiveness of hotel business. The purpose of the article is to develop an algorithm of the financial justification strategies for the development of hotel business enterprises. For the analysis of the existing system of strategic management of development of the Russian hotel business authors of the article used methods of economic-statistical and factor analysis, economic and mathematical modeling. The proposed algorithm of the financial justification involves the following steps: Analysis, modeling and strategic decision-making, and monitoring the cost of the hotel business. The proposed approach takes into the consideration the most effective solutions in this field, supplements and specifies the standard algorithm of the development procedures with the financial justification of the development strategy, allowing not only to diagnose the current value of the hospitality industry, but also to control the cost of factors at different levels of the hotel business management. Article submissions may be used in the expert-analytical and scientific community for the further research in the field of strategic management of hotel enterprises, as well as for practical use in the hospitality industry in the design and implementation of development strategies.

• Braley, R. & Myers, S. (2008) Principles of corporate Finance. Moscow: Olimp-Biznes. 1008p.
• Bunakov, O. A., Zaitseva, N. A., Larionova, A. A., Chudnovskiy A. D., Zhukova, M. A. & Zhukov, V. A. (2015) Research on the Evolution of Management Concepts of Sustainable Tourism and Hospitality Development In the Regions. Journal of Sustainable Development. 8, 39-44.
• Damodaran, A. (2004) Investment evaluation. Tools and technology of evaluation of any assets. Translated from English. Moscow: Al'pina –Biznes. 1342p.
• Federal service of state statistics of the Russian Federation (2016) Direct acces: http://www.gks.ru/
• Federal target program (2011) "Development of domestic and inbound tourism in the Russian Federation (2011 - 2018). Direct acces:  http://www.russiatourism.ru/contents/deyatelnost/programmy-i-proekty/federalnaya-tselevaya-programma-razvitie-vnutrennego-i-vezdnogo-turizma-v-rossiyskoy-federatsii-2011-2018-gody-/
• Kaplan, R. S. & Norton, D.R. (2005) The Balanced Scorecard: Measures That Drive Performance. Harvard Business Review, 83, 172-180.
• Kozlov, D. A.(2016) The revenue management strategy for hotels in the emerging destinations of the Russian Federation. International journal of applied and fundamental research, 4, 526-530.
• Kropinova, E. G., Zaitseva N. A. & Moroz M. (2015) Approaches to the assessment of the contribution of tourism into the regional surplus product. Mediterranean Journal of Social Sciences, 3(5), 275-282.
• O’Byrne, S. F. (1996) EVA and market value. Journal of Applied Corporate Finance, 9(1), 116-125
• Orlova, A. M. (2015). Strategy of differentiation and the conditions of its application in the hospitality industry of St. Petersburg. Economics and innovations management.  11(50), 80-84
• Pecheritsa, E. V. & Sharafanova, E. E. (2015) The development of hotel business in the Central Federal district of the Russian Federation. Vestnik of Mordov university, 3, 151-162
• Petrovskaya, M. V., Larionova, A. A., Zaitseva, N. A., Bondarchuk, N. V., Grigorieva, E. M. (2016) Methodical Approaches to Determine the Level of Risk Associated with the Formation of the Capital Structure in Conditions of Unsteady Economy. International Journal Of Environmental & Science Education, 11, 4005-4014.
• Rappaport, A. (1986) Creating Shareholder Value. New York: Free Press. 206p.
• Review of the Moscow hotel market over three quarters of 2015. (2016) Direct access http://www.jll.ru/russia/ru-ru
• Rudenko, L., Zaitseva, N., Larionova, A., Chudnovskiy, A. & Vinogradova, M. (2015). Socio – Economic Role of Service – Sector Small Business in Sustainable Development of the Russian Economy. European Research Studies, XVIII, Special Issue, 219 – 234.
• Sheresheva, M. Y. & Polyanskaya, E. E. (2015) Development of hotel business in Russian regions. Finance and credit, 2(674), 37-45.
• Stern, J. (1993) Value and people management. Corporate Finance, 7, 35-37.
• Stewart, B. (1999) The Quest for Value: A Guide for Senior Managers. New York: Harper Business. 800p.
• Úbeda-García, M, Cortés, C., Marco-Lajara, B., Zaragoza-Sáez, P. (2014) Strategy, training and performance fit. International Journal of Hospitality Management, 42, 100-116.
• Van Horn, К. (2003) Fundamentals of financial management. Moscow: Finance and statistics. 800p.
• Vinogradova, M. V. (2012) Instruments of management of regional tourist complex. Service in Russia and abroad, 6(33), 79-88.
• Zaitseva, N. A., Kropinova, E. G., Korneevets, V. S., Dragileva, I. I. & Chudnovskiy, A. D.. (2016) The long-term forecast of the Russian tourism development. International Review of Management and Marketing, 6(5), 103-110

This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.