New $5m hotel for Georgia’s Tskaltubo resort
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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.
Today Georgia’s National Agency of State Property announced a new hotel will be built on the site of old sanatorium Tsiskari in western Georgia’s iconic spa resort Tskaltubo.
The Tsiskari sanatorium was listed among the properties the Government wished to privatise, and today the building was sold for 160,000 GEL (about $67,804/€60,994*).
Local company Argo will invest $5 million USD to build a hotel with 50 rooms in Tskaltubo.
Tsiskari is the third sanatorium in Tskaltubo that will be transformed into a hotel.
This year the Iveria sanatorium was sold for 253,000 GEL (about $107,215/€96,447*) last year. Now the buyer must invest €6 million to build a hotel with 310 rooms and employ more than 100 people.
Meanwhile, last year the Government of Georgia sold the Meshakhte sanatorium, which is currently being turned into a new five-star hotel that will feature 100 rooms.
Tskaltubo is a famous health spa area with its thermal waters which were used to treat illnesses such as asthma, angina pectoris, hypertensive diseases, pneumonia neurosis and more.
* Currencies are equivalent to today's National Bank of Georgia exchange rate.
A new hotel will be built on the site of famous sanatorium Iveria in Tskaltubo, located in western Georgia.
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