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Businessman Mr Khazaradze Plans to Build a Hotel and a Shopping Center in Batumi

A former machine factory area in Batumi has been sold for GEL 10 million. It is reported that a new hotel  construction  is planned on the area,  the project will be carried out  by the business group that belongs to  the businessman and TBC Bank founder Mr Mamuka Khazaradze.

The City Council majority voted for a free transfer of the former machine factory to the government of Adjara under the condition that after the sale,  the amount will be transferred to the Batumi city budget.

According to the MPs, the investor plans to invest $30 million.

Earlier it was reported about the interest shown by  TBC Holding’s subsidiary in Batumi Mall Development.

According to  David Baladze,  Finance and Economy Minister, the company is ready to build a hotel and a shopping center in the area, arrange  30 000 sq/m of space for rent, and invest about  $30 million, as well as employ roughly a thousand new workers.

TBC Holding  is owned by  Mamuka Khazaradze.