ANKARA, May 29 (RIA Novosti) - Metals magnate Mikhail Prokhorov, Russia's richest man, has received permission to build a 'seven star' hotel near Izmir on Turkey's Aegean Sea coast, national media reported on Friday.

The Milliyet daily said that construction work in Cheshme, on the outskirts of Izmir, is expected to start in September.

Currently the only hotel in the world that has received seven stars from an official international inspection body is the Town House Galleria in Milan.

According to the Turkish Tourism Investors Association, Russia's investment in the country's tourist industry has reached $2.5 billion. Most of the funds were invested in hotels on the coast of the Mediterranean and Aegean Seas.

Turkish media said last week that the Mardan Palace luxury hotel owned by Russian billionaire Telman Ismailov had opened in Antalya. Around $1.5 billion was invested in the construction.

Russian customers "offer good prices, primarily in Antalya. New investment is expected," the Association said.

Turkey is a popular destination for Russian tourists. In 2008, 2.8 million Russians visited Turkish resorts.