"We are waiting for this day that can change the lives of people for ever," Elena Anikina, chairperson of the Sochi 2014 Bid Committee Management Team.
"This is the right time," Russia's Deputy Prime Minister Alexander Zhukov said. "We have all the guarantees.
Russian President Vladimir Putin will arrive in Guatemala later in the week to add his support to the bid. Sochi is up against Austria's Salzburg and South Korea's Pyeongchang both of whom bid unsuccessfully for the 2010 Winter Games that were awarded to Vancouver, Canada.
"We are confident but not complacent," Sochi bid CEO Dmitri Chernyshenko said, calling the day of the vote "an historic, dramatic moment".
"We are not thinking beyond July 4. This (decision) will be a catalyst of redeveloping the region. We have a very compact, solid, efficient, purpose-built Games plan."
