Tskaltubo Spa Resort project appears in real estate exhibition in France
Tweet 
Share
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.
The Partnership Fund has completed working on the concept of developing Tskaltubo resort together with an international consulting company Kohl and Partner. Implementation of Tskaltubo resort project requires $ 750 million USD investments.
International tourism and consulting company Kohl & Partner will conduct a feasibility study of Tskaltubo Spa Resort to determine the validity of the facility.
Tskaltubo spa resort, in western part of Georgia is cited to become region’s medical tourism hub.
The French company that runs one of Europe’s leading spa destinations is ready to get involved in a project worth $750 million to develop the Tskaltubo Spa Resort – an area famous for its radon-carbonate mineral springs in west-central Georgia.
The first four-star hotel will soon open in Abastumani, a small town in Georgia’s Samtskhe-Javakheti region that is famous for its hot sulphur baths and clear skies.
A new hotel will be built on the site of famous sanatorium Iveria in Tskaltubo, located in western Georgia.
A famous spa resort in Georgia is reaping the benefits of a major investment that will turn the old, half-destroyed sanatoriums into modern hotels.
Georgia’s Ministry of Economy has issued a license for the development of calcite deposit in Mekveni, in Georgia’s Tskaltubo municipality, where at least 30 million GEL will be invested.
Georgian Dream ruling party founder Bidzina Ivanishvili has announced he intends to completely restore one of Georgia’s most special balneological resorts - Tskaltubo, in western Georgia, saying that he will purchase all 22 hotels and nine thermal baths in the resort to give them new life.