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A Fate of the Multi-million Project in the Center of Tbilisi is Uncertain

The issue of  the “Intercontinental” hotel project implementation in the former Agricultural  Ministry building is still unclear.

“Georgian Property” has been going to build a 5-star hotel in the building for years asking to postpone investment commitments due to the suspension of the project for a few years because of the 2008 war and the crisis. CBW was told at “Georgian Property” that the negotiations with the Ministry of Economy regarding the project are underway in which  the company is  represented by  the law firm “Mgaloblishvili, Kipiani, Dzidziguri”. Ministry of Economy confirms a fact of negotiations with “Georgian Property” but says  the details are not public.

Back at the end of 2011, CBW reported about the resumption of “Intercontinental” construction after several years of suspension. In October, a tender had to be announced to reveal a company to  carry out the project and invest additional investment of $ 40-45.

The organization “Transparency International Georgia” named this project among the unsuccessful investment projects along with Kempinski Hotel Tbilisi in the former Imeli building.