The FINANCIAL -- The EBRD is considering a senior loan to 64 Chavchavadze LLC  to finance the development, construction and operation of a 4-star hotel in the capital Tbilisi , It would be run under the Novotel brand by the hotel operator Accor .

The Project site is located on Chavchavadze Avenue, close to the city centre and major corporate demand generators, and would feature 160 rooms, 1800 square metres of retail space and approximately 70 underground parking units.The Project is expected to increase competition in the mid-range hotel sector, which is currently small and fragmented.

There are only two international branded hotels in operation in Tbilisi and very few in the pipeline. Non-branded mid-market hotels are classified according to the local rating system and the vast majority do not meet international standards. The Project would bring improved standards of accommodation and services in the mid-range segment, at affordable rates, and would suit both leisure and business travellers.

The Project could also facilitate the transfer of technical and managerial skills more widely in the sector.The Project qualifies as a Built Environment Project with substantial sustainable energy investments, and has benefited from a Technical & Energy Performance Assessment under the Framework for Enhancing Sustainable Energy and Transition Impact in the Built Environment funded by the Japan-SEI TC Fund, provided by the Government of Japan.