The Trump Tower project in Georgia’s Black Sea resort town of Batumi has been officially cancelled.
The Trump Organisation and Silk Road Group, Trump's partner and developer in the project, announced the news in a joint statement released on January 6.
"The Trump Organization and Silk Road Group (SRG) jointly announce their decision to formally end the development of Trump Tower, Batumi, a residential condominium in the Republic of Georgia under the license agreement executed in March 2011”, the statement read.
"As such, the Trump Organization continues to hold SRG and the Republic of Georgia in the highest regard. SRG, in turn, is grateful to the Trump Organization for the time and attention they have dedicated to this project and fully understands the circumstances and accepts this request”.
Looking forward, SRG said it plans to build a luxury condominium tower along the Georgian Black Sea coast in Batumi.
"[We are] confident that this spectacular project envisioned by Mr. Trump during his visit to the Republic of Georgia in 2012 will strengthen Georgia’s bid to become a global destination”, SRG said.
International media wrote back in December that Trump was planning to cancel the Trump Tower project in Georgia due to a conflict of interest given the beginning of his presidency on Friday, January 20.
The Associated Press (AP) reported the Trump Organisation had cancelled a licensing deal for a hotel in Azerbaijan for similar reasons.