New hotel for Tbilisi within ‘50 Real Estates for Your Hotel’ state program
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Georgia is striving to develop modern tourist infrastructure to cater for the needs of growing tourist numbers.
To do this the state has offered investors the chance to give new life to already existing infrastructure in the country and transform old, abandoned properties into modern hotels.
Through online auctions announced by the Ministry of Economy's National Agency of State Property, foreign investors were able to purchase old property and develop it according to the conditions of sale.
The buildings are included in a list of 50 properties due to be transformed into the hotels within the ‘50 Real Estates for Your Hotel’ state program, which launched in September 2016.
In six days another building will be sold via e-auction, where the investors must turn the old building into a new hotel.
The circular building was built during Georgia's ex-president Eduard Shevardnadze's time and was formerly used as a Governmental parking space. Photo by euaction.ge.
The above pictured circular building was formerly used as a Governmental parking space will be sold next week and given new life. The building is located at 5 Gorgasali Lane, in the city’s Krtsanisi district.
The starting price of the property is 5,037,000 GEL (about $2.03 million/€1.87 million*).
The conditions of sale stated the buyer must invest at least 10 million GEL (about $4 million/€3.72 million*) in the property within 36 months of signing the contract and transform the building into a 120-room hotel.
Another building up for sale is the Sikharuli cinema complex. This is how it looks today. Photo by the National Agency of State Property.
Meanwhile the former Sikharuli cinema, located in Tbilisi’s Temka district, has already sold for 707,000 GEL (about $286,253/€263,310 million*) via e-auction.
The investor, New Horizon, must invest 1,200,000 (about $4.85 million/€4.46 million*) to transform the building into a multi-functional complex. It is understood this will be a residential complex once all restoration is completed.
*Currencies are equivalent with the latest National Bank of Georgia exchange rate.
Planning your next holiday in Georgia’s capital Tbilisi and thinking of staying at a new, exciting hotel? Hospitality market will see dozens of new properties open in 2017 in Tbilisi, so there will be plenty to choose from.
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