Tskaltubo Spa Resort project appears in real estate exhibition in France

State-owned shareholding company Partnership Fund is looking to the French property market in a bid to close the deal for Tskaltubo Spa Resort project.

For this purpose, a Georgian delegation is visiting France and taking part in the international real estate exhibition MIPIM 2015.

Giorgi Danelia of the Partnership Fund made a presentation about the Tskaltubo Spa Resort development project and tried to attract investors, with whom the Fund could implement this project.

MIPIM, the world’s leading property market, brings together the most influential players from all international property sectors - office, residential, retail, healthcare, sport, logistics and industrial, and offers unrivalled access to the greatest number of development projects and sources of capital worldwide.

The 27th edition was held in Cannes, France from March 15-18, 2015.

Implementation of the Tskaltubo Spa Resort project requires a total investment of $750 million USD. The Partnership Fund is looking for a potential investor to invest in the project.

Tskaltubo is a spa resort in west-central Georgia. It is famous for its radon-carbonate mineral springs, whose natural temperature enables the water to be used without preliminary heating. Tskaltubo was especially popular in the Soviet era, attracting around 125,000 visitors a year.

According to the project, Tskaltubo resort rehabilitation will include restoring thermal baths, rehabilitation of state-owned hotels, building new hotels equipped with modern technologies and medical equipment, building children's entertainment centres and water attractions, developing restaurants, opening trade centers and cultivating the tropical gardens.

The architectural projects have not been designed yet but the concept plan of how to develop each hotel is ready to be introduced to potential investors. The Partnership Fund said it was ready to implement the investments together with the right investors.