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Construction of Intercontinental Hotel Could be Resumed

Published: October 15, 2013 | 12:51 pm
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Will the construction of the Intercontinental Hotel branch in Tbilisi be resumed? TV3 has found out that representatives from the investor company Aerium will visit Georgia on 17 October and hold a meeting at the Ministry of the Economy. According to a company spokesman, the meeting will aim to discuss issues relating to construction permit validity periods and the changes made to the project. If an agreement can be reached with the Ministry of the Economy, then the construction process can be resumed next year. According to the spokesman, talks are currently being held both with the European Bank for Reconstruction and Development and the Co-Investment Fund with regards to financing the project. A change in the hotel brand has also not been ruled out.
The construction of the Intercontinental Hotel on the site of the former Ministry of Agriculture building was originally meant to be completed in 2010. The $35 million project is being carried out by Georgian Property, which is owned by the investor company Aerium.

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