Batumi in Georgia gets new hotel investment

Batumi

Georgia’s Black Sea coast is getting an $8.4-million investment for a new hotel complex in Batumi. The 105-room hotel is expected to open in 2019.

Local development firm House in Alley, which purchased land in the city's Heroes Alley neighborhood through privatization, laid the foundation for the project this week. This will be the first project in the frame of the Heroes Alley Development Concept, which was developed by the local Adjara government last year. 

The Adjara government stated other new hotels, residential apartments, restaurants, entertainment facilities and sport centers would soon be built in Heroes Alley and announced two more investment projects are planned to begin in the near future.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

The government noted that Batumi, Georgia's second-largest city, lacks hospitality facilities, and is in need of tourism investment. The city's tourism board reported last month that visitor numbers had jumped more than 20 percent in March.
 

Source: Agenda.ge

Suggested Articles

Ahead of the Israel Hotel Investment Summit, Christian Michel, VP of development for Wyndham Hotels & Resorts, talks about the value of brands.

Meliá Hotels International still expects to see a “moderately positive year end” after EBITDA drop, pulled down by lower capital gains against 2018.

As a rapidly rising hotel investment market, Italy is attracting interest from a range of companies—most recently, France's Covivio Hotels.