France’s Compagnie de Vichy involved in $750m Tskaltubo project
Tweet 
Share
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.
France’s Compagnie de Vichy expressed its intention to conduct a hydrology study in Tskaltubo, create a strategy for planning and designing the rehabilitation process of the sanitary zone and prepare a financial model, together with state-owned shareholding company Partnership Fund (PF).
A Memorandum of Understanding was signed today between Compagnie de Vichy and the PF to cement the deal.
The agreement detailed the responsibilities of both parties and future plans of cooperation, such as Compagnie de Vichy’s responsibility to supervise the rehabilitation process and help the resort during marketing campaigns. The company was also ready to give the permission for the Georgian resort to use its logo.
Tskhaltubo Spa Resort's unique water had been known for its healing properties and could cure several diseases including heart disease, nervous system disorders, gynecological issues, skin diseases and more.
The PF was now looking for a potential investor(s) who would finance the Tskaltubo project on a long-term basis. Before releasing any business proposals, the PF completed working on the concept of developing the Tskaltubo Spa Resort together with international consulting company Kohl & Partner.
It is estimated the Tskaltubo Spa Resort renovation and restoration project will cost $750 million USD.
The PF and Kohl & Partner conducted the study to give investors "accurate and objective information” to help them make their best financial decisions.
The Tskaltubo Spa Resort project will include restoring the facility’ 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 centres and cultivating the tropical gardens.
Meanwhile Compagnie de Vichy, founded in 1853, is one of the oldest companies of France. At the World Spa Awards 2013, the company was rewarded as one of the three finest European Spa Destinations.
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.
Tskaltubo spa resort, in western part of Georgia is cited to become region’s medical tourism hub.
International tourism and consulting company Kohl & Partner will conduct a feasibility study of Tskaltubo Spa Resort to determine the validity of the facility.
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.
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.