An 18 million GEL investment is being made in a new hotel and entertainment complex in Batumi, on Georgia’s Black Sea coast.
The major investment project aimed to stimulate the investment environment, promote business and tourism, create jobs and attract tourists to the coastal resort city.
The hotel will be built in Heroes Alley and is expected to open in 2019.
It will feature a 105-room hotel, 300 residential apartments, commercial spaces, spa centres, hospitality facilities (cafes, bars, restaurants) and a cinema complex.
Local development firm House in Alley, which purchased land in Heroes Alley through privatisation, laid the foundation of the project this week.
The Government of the Autonomous Republic of Adjara said at least 18 million GEL (about $8.4 million/€7.5 million*) will be invested in the new hotel complex.
This will be the first project in the frame of the Heroes Alley Development Concept, which was developed by the Adjara Government last year. The Heroes Alley Development Concept envisaged dividing the three hectare valley into 14 investment plots that will be developed in three stages.
Representatives of the Government of Adjara and the development company House in Alley laid the foundation of the project this week. Photo by the Government of Adjara.
The Heroes Alley territory covered the area from the Batumi Justice House to the area known as the Batumi Gate, and the nearby territory.
The area concept plan stated the new hotel could not reach higher than 140 metres or less than 30 metres.
Currently 35 people are employed in the construction works of the new hotel.
The Adjara Government stated other new hotels, residential apartments, restaurants, entertainment facilities and sport centres would soon be built in Heroes Alley and announced two more investment projects were planned for the area. This work would begin in the near future.
The Adjara Government added it was important to develop this area as Batumi lacked such facilities for locals and tourists.
* Currencies are equivalent with today’s National Bank of Georgia exchange rate.