New hotel for Tbilisi within ‘50 Real Estates for Your Hotel’ state program
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A new hotel is coming to one of the historic and touristic districts of Georgia’s capital city of Tbilisi.
The hotel will be opened in the old building of a former art school, which was sold at a state auction for 12,505,000 GEL (about $4.94m/€4.17m*).
The new hotel will be opened in this building within ‘50 Real Estates for Your Hotel’ state program, which launched in September 2016. The project envisages investors giving new life to already existing infrastructure and transforming old, abandoned properties into modern hotels.
Since the '50 Real Estates for Your Hotel' program launched, state property worth almost 39,400,501 GEL (about $15.57m/€13.14m*) has been sold.
In total 59,200,000 GEL (about $23.39m/€19.74m*) will be invested to develop new hotel infrastructure in Georgia through the program.
*Currency conversions reflect National Bank of Georgia values as of today.
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