The construction of hotel Hyatt Regency is delayed because there is a financial documentation issue between negotiators.
It has been revealed few times that they would start construction but it has not happened so far.
According to Mindia Gadaevi, the head of “Rustaveli Property”, there are 4 negotiator sides involved in the process and it takes a lot of time.
“It is quite difficult to reach an agreement between 3 financial institutions because it is followed by many bureaucratic processes. There has to be an agreement made between creditors, as well as loan and insurance agreement.”
According to her, construction works will start in spring and will be completed in 30 months. There will be 170 rooms in the hotel and the investment cost is 72 million USD.