Thursday, November 29, 2012

EBRD to finance Novotel hotel construction in Tbilisi

Lasha Papashvili. Photo: Commersant
29.11.2012 (HTN - Hvino Tour News). European Bank for Reconstruction and Development (EBRD) approved a senior loan to finance the construction and operation of a 4-star hotel in Tbilisi.

EBRD will allocate 18.66 million for the hotel project, while the total cost of project cost is 31.1 million. The co-sponsors are Georgian businessman Lasha Papashvili and "Georgian Real Estate Holding". Recipient of EBRD's loan is "64 Chavchavadze LLC", which is a limited liability company incorporated in Georgia, whose ultimate beneficiaries are Mr. Lasha Papashvili and Mr. Sulkhan Papashvili.

Hotel "Redix" would be run under the Novotel brand by the hotel operator Accor. The project site is located on Chavchavadze Avenue, close to the city centre and major corporate demand generators, and would feature 160 rooms, 1900 square meters of retail space and approximately 70 underground parking units.

© HTN (Hvino Tour News)

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