In the context of the global transformation of economic models and the reorientation of tourist flows towards the domestic market, special economic zones of the tourist and recreational type (SEZ TRT) are acquiring strategic importance as a tool for state regulation of investment activity in the regions. This article is devoted to studying the impact of SEZ TRT on attracting private investment in the sphere of regional tourist services – a segment that remains systematically underfunded compared to capital construction. In the article analyses the fiscal, infrastructure, administrative and cluster mechanisms through which preferential regimes influence the investment decisions of private capital. Based on a case analysis of Russian special economic zones in the tourism sector (the North Caucasus, the Baikal region, and Crimea), a structural imbalance has been identified that government investments in infrastructure and tax incentives stimulate capital inflows into real estate, but do not create incentives for investing in intangible tourism services. The identified key barriers to the development of the service segment include the mismatch between residency criteria and the specifics of small businesses, the distortion of investment motivation in favor of development, a shortage of personnel, the high cost of borrowed financing, and the closed nature of the ecosystems of large investors. To improve the SEZ TRT the author recommends the introduction of differentiated categories of residency, the creation of co-financing funds for service projects, mechanisms for cluster cooperation, and support for human resources and territorial marketing. The practical significance of the study lies in the possibility of transforming the SEZ TRT into an ecosystem for generating a high-quality regional tourism product, which will ensure the growth of the multiplier effect and the sustainable development of the host territories.