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.