Home / Business / We Bought Sheraton Hotel at 62 million USD, but RAKIA Refuses to Transmit Our Stakes

We Bought Sheraton Hotel at 62 million USD, but RAKIA Refuses to Transmit Our Stakes

We have bought Sheraton Metechi Palace hotel at 62 million USD from RAKIA Georgia, but the company refuses to give us our stake, VI2 Partners GmbH representative Mark-Milo Lubesa noted at the news conference.

We have already paid 20 million USD, but RAKIA rejects to transmit our stake or to return the paid amount, he added.

“We see the business ethics violation. In 2011-2012 we bought Sheraton hotel from RAKIA. Total value of the deal is 62.5 million USD and we have already paid 20 million USD.

Over the past years we have taken tireless efforts to resolve this issue in friendly atmosphere. Regretfully, RAKIA does not plan to return the paid amount and acts dishonestly.

This is strategically important facility in Tbilisi and it requires respective management. This fact also distorts the investment image of Georgia.

Despite the mentioned problem, we do not plan to cease making investments in Georgia. We are sure the Georgian court will valuably resolve this problem.

We are determined to collect this sum from RAKIA and receive a compensation too”, the company representative noted.

As reported, on May 24 Tbilisi City Court seized Sheraton Metechi Palace hotel and all Georgia-based assets of RAKIA.

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