"Commersant" exclusively reports that BGEO Group’s subsidiary M2 Real Estate bought a 50 percent stake of Kass Boutique Hotel. BGEO Group announced a deal two days ago, but didn’t divulge which hotel it was going to enter.
Today KMS Boutique Hotel confirmed in a conversation with "Commersant" the purchase of a share at the boutique hotel in Mtatsminda district by BGEO's M2 Real Estate. KASS Boutique Hotel declined to comment additional details.
The value of the deal amounted to $ 4.1 million. Under the agreement, the company can increase the share to 60%, in case of paying additional 1,9 million.
According to the plan, the hotel will be opened in the first quarter of 2019.
The hotel completion was scheduled for 2018. The project is carried out with Israeli investments. As KASS boutique hotel Group told Commersant in March the hotel would include 81 rooms, including two presidency, as well as a spa zone, a gym, a restaurant and bar.
The hotel is designed for official delegations, foreign partner organizations and businessmen. The investment cost of the project is USD 35 million. Kass Hotel Group is Israeli-based hotel brand which has implemented a number of projects throughout Israel.
Apart from KASS Boutique Hotel, the Group was involved in "Rustaveli Boutique Hotel" and Rixos projects in Tbilisi . The company has invested a total of USD 100 million in three projects.
Source:commersant.ge |
January 04, 2018
