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Silk Road Group to Invest Additional 100 million USD in Georgia’s Real Estate

Silk Road Group to Invest Additional 100 million USD in Georgia’s Real Estate

In several years, Silk Road Group plans to invest additional 100 million USD in Georgia.

The company representative David Borger, who has taken part in US Road Show jointly with the Georgian Prime Minister, noted that the past years have recorded positive dynamics.

“The quantity of investors growth, the stable exchange rate of currency is also important and we hope the existing tendency will continue. We plan to invest 100 million USD for two years in Georgia. I believe other investors will also show much interest”, David Borger said.

The Commersant news agency has collected information about the sectors where additional investments will be made.

According to the information obtained from Silk Road Group, the investments will be made in the real estate sector; namely, in the Rose Revolution square development and construction of two hotels – Radisson Telegraph and Tsinandali Radisson.

Tsinandali Radisson is being constructed near Al. Chavchavadze House-museum and garden. The hotel will have 100 suites, conference halls, meeting rooms, event halls, indoor and outdoor cafes and restaurants, spa, swimming pool, and fitness club.

The hotel operation will be carried out by Radisson. Tsinandali Radisson will be the third hotel of this brand in Georgia, after Tbilisi and Batumi, and the first branded high-class hotel in the Kakheti Region.

The hotel will open at the beginning of 2018. Total value of the project is 30 million USD.

Radisson Telegraph hotel will be located in the former building of Post Office. Its investment value is about 22 million USD.

A multifunctional zone will be arranged on the Rose Square. The closed competition was held at the end of 2015.

Graft Architects architectural studio was announced a winner for its project; however, the project implementation terms and investment value are not divulged yet.