Tourism and travel is one of Georgia’s fastest growing sectors, and a key generator of jobs. Yet the budget and mid-market hotel segments are particularly underserved, resulting in a large gap between supply and demand. In funding the construction of a Ramada Encore Hotel in Tbilisi, IFC’s loan to JSC m2 Real Estate’s wholly owned subsidiary aims to address this gap.
”Building on our successful cooperation with IFC over years, with this new project we plan to contribute to improving Georgia’s hospitality infrastructure and cater to the growing demand for travel in the country,” said Irakli Burdiladze, Chief Executive Officer, m2 Real Estate.
The 152-room hotel is the first step in JSC m2 Real Estate’s plan to build more than 300 affordable hotel rooms in Tbilisi and, potentially, other cities of Georgia. In addition, the hotel plans to use using energy efficient technologies to reduce power use.