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BGEO subsidiary buys land plot for hotel
BGEO's subsidiary, M2 Real Estate, has acquired an 8,512 square metre land plot in Telavi, Kakheti, for $1.5m in cash, on which it plans to develop a hotel.
The hotel, which would be developed over the next two years, would have around 130 rooms. Telavi is the largest city in eastern Georgia and a major tourist destination, known as a wine region.
The hotel construction works will be carried out by the company's construction arm.
Chief executive officer Irakli Gilauri said: "I am pleased to see that M2 Real Estate has made yet another step towards its hotel development strategy to reach a capacity of 1,000 hotel rooms over the next three years. The hotel, located in the heart of Georgia's wine region, will attract a growing number of tourists interested in Georgian wine, cuisine and hiking."
The hotel, which would be developed over the next two years, would have around 130 rooms. Telavi is the largest city in eastern Georgia and a major tourist destination, known as a wine region.
The hotel construction works will be carried out by the company's construction arm.
Chief executive officer Irakli Gilauri said: "I am pleased to see that M2 Real Estate has made yet another step towards its hotel development strategy to reach a capacity of 1,000 hotel rooms over the next three years. The hotel, located in the heart of Georgia's wine region, will attract a growing number of tourists interested in Georgian wine, cuisine and hiking."
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