A new hotel will be constructed at the building of the former Property Management Ministry in the center of Tbilisi. The construction works will end in two years.

The investment value of the project is 60 million USD. LLC Chavchavadze 64 owned by Lasha and Sulkhan Papashvilis will implement the project.

The European Bank for Reconstruction and Development (EBRD) will disburse 18 million USD in two tranches (15+3) for the project implementation, Lasha Papashvili noted.

The BERD loan is to boost competition in the medium-seized hotels segment. There are only two branded international standard hotels in Tbilisi in this segment.

Negotiations are underway with several operators for electing the brand. Initially, the preference was given to Novotel, but later the accent was shifted to other international brand in the medium-category hotels segment. Papashvili abstains to name the company at this stage.
The hotel will include 160 suites.

Source: Georgian Business Week