Metro Atlas Georgia to Implement New Multi-million Projects in Batumi
Metro Atlas Georgia is launching another investment project in Batumi, which is the construction of hotel apartments and a business center - the total investment is $ 150 million. Metro Atlas Georgia owns 25% of the investment, while the remaining 75% is invested by the Jewish-Chinese group JSC De Group.
Construction of the hotel apartments and business center will begin on Pirosmani Street behind the Public Registry building. Metro Atlas Georgia together with a Jewish-Chinese group bought 7023 square meters of land in the area at a state auction today. The starting price of state property was 11.4 million GEL. It was eventually sold at auction for 30 million GEL.
As Forbes Georgia was told in Metro Atlas Georgia, the construction of a hotel and a business center in the purchased area will begin in the near future and will be completed in about two years.
The description of the relevant procurement conditions on the state auction website states that the real estate or part of it must be developed within 48 months after the conclusion of the purchase agreement, which includes the construction of a 150-room hotel, commissioning of the relevant buildings and commissioning of the hotel. The purchase also envisages the employment of at least 30 citizens of Georgia within a period of one month from the start of operation of the hotel, for a period of at least two years.
Metro Atlas Georgia will implement another project in Batumi. We are talking about 5958.00 sq.m., located on the territory of the machine-building factory. Construction of another hotel complex, shopping center and business center on the land of the area. The investment volume of this project is $ 200 million, however, the investment in this case is fully made by the Chinese company XINGQIBA.
For reference, the founder of "Metro Atlas Georgia" is a Turkish, Georgian citizen Galif Ozturk. Ozturk is considered to be one of the largest investors in Adjara. He has implemented a number of investment projects in Georgia since 2012. His main business activities are in the tourism, transport and financial sectors.