Georgia Capital Sells Two Ramada Hotels and Land Plot in Tbilisi for $28 Million

Georgia Capital, one of the largest investment holdings in Georgia, has announced the sale of two Ramada Encore brand hotels and a plot of land in Tbilisi for $28 million.

The hotels, which include a 152-room facility on Kazbegi Avenue and a 125-room facility on Melikishvili Street, were sold as part of the company's strategic goal to reduce its debt level.

The sale will decrease the company's hospitality business debt by 76%, from $37 million to $9 million. The transaction marks progress toward the company's goal of asset disposal and reduction of debt levels. Georgia Capital owns assets in various sectors, including pharmacy, clinics, insurance, real estate, renewable energy, and education. The company's shares are traded on the London Stock Exchange, and its market capitalization is $358 million.