After a 7-year hiatus, the construction of the hotel will be resumed in the building of the former Ministry of Agriculture of Georgia in Tbilisi.
This became possible after the government wrote off the accumulated debts and penalties from "Georgian Properties” company for a failure to fulfill investment obligations under an agreement between the Ministry of Economy and the company signed in 2007.
Under the new commitment, "Georgian Properties" will build a hotel consisted of 120 rooms in the next 48 months. The company is given 11 months for a permit for the construction and reconstruction of the building, the construction work should start no more than in 13 months, the project should be completed within 42 months after the start.
The hotel is given 4 years for a full completion of the whole project and commissioning of the hotel.
According to contractual obligations, "Georgian Properties" should invest in the construction $ 20 million.
The company for many years has planned to build a 5-star hotel in the former Ministry of Agriculture and is negotiating on the revision of the investment obligations. The reason for this is that the company has not fulfilled obligations for reasons beyond the control of the company - the war of 2008 and the global crisis of 2008-2009.
Initially, the construction of a world renowned brand "Intercontinental" was considered. It was planned to attract investments in the amount of $40-45 million.
Source:commersant.ge |
November 19, 2015
