Rustaveli Property sold 50% stake in Hyatt Regency hotel
 
News ArchiveOctober 09, 2018
Rustaveli Property company has sold a 50% stake  in the Hyatt Regency hotel. Mindia Gadaev, Director of Rustaveli Property company involved in the  project, told Commersant. According to him, the new investor - GD Group / Real Estate Construction  entered the project and renewed the works.

Gadaev says that the construction and reconstruction of Hyatt Regency will be carried out by GD Group / Real Estate Construction and  the construction  completion date will be known  in the next few days.

Recall that a few months ago Gadaev said that the hotel construction would be completed in 2.5 years. The project budget is $ 75 million of which $ 39 million is a loan from the International Finance Institute.


Hyatt Regency hotel will be located in the former building of the Ministry of Justice on Rustaveli Avenue. The hotel will have 170 rooms. Rustaveli Property bought the former building of the Ministry of Justice at the auction.

Source:commersant.ge