New Tourism Development Fund:
Georgia welcomes 8 hotel projects, $680m investments (VIDEO)

A special fund has been created to support development of Georgia’s tourism and hospitality sectors, and bring to life to eight large-scale hotel projects worth $680 million USD.

This morning Prime Minister Giorgi Kvirikashvili revealed Georgia’s Co-Investment Fund (GCF) had established the Tourism Development Fund completely dedicated to financing and managing tourism-related projects in capital Tbilisi and the regions.

We need developed tourist infrastructure not only in Tbilisi but also in the regions where tourism is so vital but it hasn’t been a priority. Georgia has great potential … and we must do our best to make Georgia a unique, attractive and exciting country on the world tourist map,” said Kvirikashvili at today’s presentation.

Take a glance how central Tbilisi should look in a couple of years when Freedom Square, Sololaki and Tabori projects are finished. Animated project video by Georgia's Co-Investment Fund: 

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Georgia’s Co-Investment Fund, a private equity fund of $6 billion USD that channels capital into needed sectors, said the main goal of the Tourism Development Fund was to fund touristic infrastructure in areas of Georgia which lack tourism facilities.

Today Prime Minister Giorgi Kvirikashvili revealed Georgia’s Co-Investment Fund had established the Tourism Development Fund. Photo by the PM's press office.

Eight major hotel projects were recently announced, all of which will be implemented by the new Tourism Development Fund. The new hotels were planned for Georgia’s capital Tbilisi, as well as Guria, Adjara and Samegrelo regions.

These eight projects include:

1. Hotel Freedom Square in capital Tbilisi
2. Hotel Sololaki Hills in Tbilisi
3. Tabori project in Tbilisi
4. Hotel at Erekle II Square in Tbilisi
5. Hotel at Erekle II Square in Tbilisi
6. Hotel Shekvetili on Georgia’s Black Sea coast
7. Hotel Ganmukhuri on the Black Sea coast
8. Green Cape recreational complex on the Black Sea coast.

Out of these eight projects, 259 million GEL (about $110 million/€99*) has already been invested into four hotels - Hotel Freedom Square, Hotel Sololaki, Hotel Shekvetili in Tbilisi and Hotel Ganmukhuri in the west. These hotels were already in the development phase.

Kvirikashvili also announced Autograph Collection Hotels, a luxury hotel chain owned by Marriott International, will operate three of the four new hotels in Tbilisi. These were Hotel Freedom Square, Hotel Sololaki and Hotel Shekvetili.

Hotel Freedom Square is a $90 million, 7-Star investment project with a prime location in the heart of Tbilisi. Photo by the GCF.

Meanwhile, the four hotels planned for Georgia’s capital will be linked to each other, creating an "architecturally unique” three-step complex, which will include multifunctional complexes at Freedom Square, Sololaki range and nearby Tabori Mountain. These three points will be linked with a cable car that will bring people from Freedom Square Hotel to Sololaki in about three minutes, announced the PM.

The Tabori project will be developed on 400,000 m2 territory and include a recreational zone and a golf driving range, will be the new lungs of Tbilisi,” said Kvirikashvili.

More than 20,000 people will be employed during the construction of the eight new hotels while about 2,500 people will work in the new facilities once operational.

All eight hotel projects were part of Georgia’s new Spatial Arrangement Plan and the Government’s four-point reform agenda to improve Georgia’s economy and investment environment.

*Currencies are equivalent with the latest National Bank of Georgia exchange rate.