Latvian Investment Group will build a new hotel in the building of the former Ministry of Agriculture in Tbilisi - Elguja Tsintsadze , the company’s representative in Georgia, told "Commersant".
The building was sold to investors by the Georgian company "Georgian Properties" which owned it for several years, but has failed to start construction.
According to Tsintsadze, the Latvian group has taken over the obligation to the government of Georgia to build a 5-star hotel in the former ministry’s building.The project details are not disclosed, at this stage the company is searching for an operator and specific results are expected to be announced in 2 months.
The businessman notes that the hotel will start operating in 4 years.
"Granat Investment" is a Latvian private company that owns assets in various sectors of the economy. The central office is located in Riga but the company is successfully working in Germany, Russia, and now in Georgia.
The hotel project in Tbilisi is the company’s first project in Georgia, but in the future it plans to make investment in medicine, cement production and other promising industries.
“Georgian Properties" planned construction of "Intercontinental " hotel 8 years ago. The project was stopped because of the war and the crisis of 2008-2009.
The company held negotiations with the Ministry of Economy regarding the postponement of the obligations to the state. At the end of 2015 the Government decided to cancel penalties imposed on the company for failure to comply with the investment obligations.
The new obligation envisages the construction of a 120- room hotel with the investment value of not less than $ 20 mln
Source:commersant.ge |
February 11, 2016
