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Lasha Papashvili Starts Construction of a 4-Star Hotel in Summer

Lasha Papashvili Starts Construction of a 4-Star Hotel in Summer

Businessman Lasha Papashvili has noted with GBC, that ground works are being carried for construction of a 4-star hotel. However, the construction will start in two weeks.

The construction of the black carcass will be completed in 6 months by its partner Synergy, but the hotel will be completed in 18 months, including interior works.

The businessman notes, that the Partnership Fund has invested $5 million in the project, while another 5million USD is their own funds. According to Papashvili, this sum is enough at the first stage. However, negotiations are held on the additional funds with the European Bank for Reconstruction and Development (EBRD), IFC, Bank of Georgia and TBC Bank. At that, supposedly the share of international banks will be 80%, while Georgian banks’ -20%.

“As soon as we open a high-class hotel in Abastumani, prices will be definitely increased on the real estate”, – said Papashvili.

The businessman does not note the name of the hotel, but declares that giving a new name is not a problem, however their hotels do not operate on behalf of the international brand; although this is not a problem to bring an international brand.