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.
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.