Rustaveli Property will make a statement about the opening of the hotel in a former building of the Ministry of Justice located on Rustaveli Avenue in the coming days.
Prior, the company’s CEO Mindia Gadaev told “Commersant” that the project’s final details had been agreed as well as the entry of a world-class 5-star hotel brand, but the brand’s name was not specified at that stage.
In the summer of 2014 Gadaev claimed that the construction could start by the end of the year and be completed in the spring of 2017. In his words, negotiations were underway with the investor as well as the hotel brand and two banks. Mindia Gadaev says today that the process is successfully completed.
According to him, the world famous hotel brand will operate the hotel, which is not represented in the Georgian market to date.
Rustaveli Property bought the former building of the Ministry of Justice via auction. A luxury hotel will be placed in the building, the initial cost of the project amounts to $60 million.