Black Sea Rivera wins e-auction to build hotel in Ganmukhuri
10m GEL project close to Georgia’s occupied Abkhazia
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A multi-million dollar hotel is coming to Ganmukhuri village, located near the Black Sea coastline and close to Georgia’s occupied Abkhazia region.
In about five years’ time the village will enjoy a new 120-room hotel and other investments worth 10 million GEL (about $4.36 million/€3.83 million*).
Yesterday the National Agency of State Property revealed Georgia-founded company Black Sea Rivera had won the online auction for real estate combining 33,951 m2 of non-agricultural land and buildings, to build a new hotel in Ganmukhuri.
The auction was led by the Ministry of Economy and Sustainable Development of Georgia.
Black Sea Rivera won the auction with its top bid (amount undisclosed) however the National Agency of State Property said the initial market value of the land was 2,263,500 GEL ($986,349/€866,130*).
New hotel will feature indoor and outdoor swimming pools, sports fields and tennis courts.
Ganmukhuri village is located close to Georgia's breakaway Abkhazia region.
Those behind the project believed it was extremely important and "patriotic” to implement a "large-scaled” infrastructure project near Abkhazia. They believed the project would create hundreds of jobs in the region, develop tourism and attract more investments.
Conditions of the sale mean Black Sea Riveria must build a hotel complex with at least 120 rooms. This must be done in no more than 36 months after gaining the construction permit but no later than 60 months after the signing the agreement.
Conditions also stated the hotel must have open and closed swimming pools, playgrounds, a tennis court, landscaping and parking for at least 35 vehicles.
*Currencies are equivalent with today's National Bank of Georgia exchange rate.
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