The “Cube Tower,” which shall house the five-star Swiss Belhotel International, is to begin operating in February 2018 – one month later than originally planned.
The government of Ajara has agreed to extend the deadline for the investor company “ADOG-GEORGIA” to fulfil its liabilities. ADOG-GEORGIA’s fines have been written off under the condition that the company will thoroughly fulfil all terms of the new contract.
“It is important for us to reach common goals with the investors, rather than communicate with them through fines. We want to see all ongoing investment projects carried out to completion, new jobs being created, and the regional economy being developed. At this stage, we have only been contacted by 6 investors, but we are conducting consultations with various other companies in this regard. We are open to considering any investment offer,” stated the Minister of Finances and the Economy of Ajara, Ramaz Bolkvadze.
ADOG-GEORGIA acquired the real estate located on Gogebashvili Street in Batumi in 2010 for a symbolic price of 1 Lari. By no later than 1 January 2018, the investor was due to build and begin operating a building incorporating at least 22 floors, at least 180 hotel rooms, and a casino.
ADOG-GEORGIA was due to invest USD 30 million in the project. However, the investor was unable to fulfil all its liabilities on time, which the company has attributed to unforeseen circumstances during the construction process. As of 25 August, ADOG-GEORGIA owes GEL 899 655 in fines.