The investment company Block Invest plans to start construction of two hotels before the end of  2016. As the head of the company’s  investment department  Tornike  Janashvili says in a conversation with "Commersant", the company will  start construction of the towers in the area of the former Blood Transfusion Institute jointly with Orbi Group by the end of the  current year.

 

According to him, at this stage work on the project is underway;  the demolition of the old building has been fully completed.  Janashvili says that the company has taken all types of permits, except for the construction permit which will be received after  work on  the project  is completed.

 

The investment cost of the project is $ 140 million, according to the project, two multifunctional towers will be built on the area of 120 thousand square meters and will include commercial real estate as well as a hotel and apart hotel.

 

In Janashvili’s words,  the company is also selecting  a hotel operator. "We are  considering  several brands such as  Marriott International Inc Intercontinental, Louvre Hotels Group, as well as Rezidor Group,"- says Janashvili. The project will be completed in 2020.

 

Block Invest jointly  with the Partnership Fund is involved  in  a three-star hotel Park Inn by Radisson project. The construction will begin before the end of the year. 

A 200-room hotel will include a cafe, restaurant, conference hall, meeting rooms, etc. Construction of the hotel will be completed in 2019. The total  investment volume of the project amounts to  $ 25 million.

 

Block Invest is an investment company that is actively engaged in the real estate market.

Source:commersant.ge