Former university building in Batumi, Georgia, purchased for $25M, plans hotel conversion

A disputed university building that was finished but remained empty for more than two years in Batumi, Georgia now has a new owner and a new future as a hotel.

The 35-story building was purchased at auction by Batumi Tower for $25 million. Instead of opening as a Technological University, as previously planned, the building will now most likely be transformed into a hotel.

Negotiations with international hotel brands have already begun. Batumi Tower management announced it hoped to attract hotel-operators united under Starwood Hotels and Resorts – an American hotel and leisure company.

Virtual Roundtable

Post COVID-19: The New Guest Experience

Join Hotel Management’s Elaine Simon for our latest roundtable—Post COVID-19: The New Guest Experience. The experts on the panel will share how to inspire guest confidence that hotels are safe and clean and how to win back guest business.

According to the terms of purchase, Batumi Tower must open at a hotel that meets at least 4-stars with 100 bedrooms within 36 months of signing the agreement.

Batumi Tower Ltd was registered as a company in November 2014 by the Real Estate Development Company (RED-Co), which in turn was 100 percent owned by American company Celwood Investment.

Suggested Articles

During the final day of AAHOA’s online conference, several owners gathered to discuss how their properties are handling the crisis. 

The dual-brand development is located on the Tempe campus of Arizona State University near athletic facilities and the planned multi-sports arena.

The St. Joe Company and BRW MidGrove will develop the Lodge 30A, a boutique hotel in Seagrove Beach, Fla.