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New Five Star Hotel Construction to Begin Next Year

Published: October 11, 2013 | 8:30 am
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TV3 has found out that the company Rustaveli Property, which owns the former Justice Ministry building, is holding talks with the Co-Investment Fund with regards to financing the construction of the hotel. Company Director Mindia Gadaev has stated that talks are also being conducted with the European Bank for Reconstruction and Development. According to him, the funding for the construction of a five star hotel is to be secured by the end of the year, while the construction itself is to commence next year. Talks have been held with 3 international brands, and the operating company has already been selected, although its identity has not been disclosed at this stage. All duties have already been fulfilled, and the project will not be facing any delays, Mr. Gadaev has added.
The planned project on the site of the former Justice Ministry building is thought to cost $66 million. The hotel is to incorporate 170 rooms, a banquet hall, a spa centre and other facilities.

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