Georgia Capital said Tuesday its hospitality & commercial real estate business, owned through m2 had acquired a 4,946 square meter land plot in the centre of Tbilisi for $5.34m.
The company said it would use the land for a four-star business class hotel development, with a focus on business travellers. The hotel is expected to have a capacity of at least 120 rooms. The construction works would be carried out by the company’s construction arm, with completion expected in the first half of 2021.
‘With this acquisition, m2 has now accumulated close to the targeted 1,000 rooms in its hospitality business portfolio and, consequently, we do not anticipate making any further investments in land bank for the hospitality business in Tbilisi,’ said Irakli Gilauri, Georgia Capital Chairman and CEO.