‘Rooms Hotel Kokhta’ To Be Built in Bakuriani
With the financial support of TBC Bank and EBRD, GRDC and Adjara Group will build ‘Kokhta Roma Hotel Management’ in Bakuriani.
The agreement between the parties was signed at the Hotel Rooms and covered the construction of the 92-room hotel and 70 apartments in the adjacent territory of the new ski area on the Kokhta mountain.
The project is a continuation of the Georgian Rooms Hotels brand development created by Adjara Group. GRDC will undertake the construction of additional residential apartments for the next phase.
Rooms Hotel Kokhta will contribute significantly to tourism development with its outstanding architecture and design. It will be located in Bakuriani, Kokhta Gora, on the new ski slopes of Kokhta and will serve guests year-round from summer 2019. The first phase of the resort development includes a 17,009 sq.m complex, of which 5,000 sq.m will cover apartments, while 12,000 sq.m will be used for the hotel.
Rooms Hotel Kokhta will be based on a ski-in ski-out concept, offering ski run infrastructure that can be accessed directly from the hotel territory. Alongside the rooms/apaprtments, the hotel will include: a conference hall for 300 guests, a restaurant for 300 guests, a lounge bar and terrace with 360-degree views, a swimming pool and other services. The total cost of the project amounts to $10 mln. $ 5. 4 mln will be financed by TBC Bank and EBRD, with a loan issued under the RFS program, while the rest will be covered by GRDC and Adjara Group's capital.
"With the GRDC and the support of EBRD and TBC Bank, another Rooms Hotel will be opened in Georgia, which will offer various concepts and designs to our guests. By implementing this project, Georgia will take another step closer to the world's leading ski resort standards,” said Valeri Chekheria, Executive Director of Adjara Group.
"We are pleased to have the opportunity to finance the construction of another project by the two leading companies, GRDC and Adjara Group,” said TBC Bank's Deputy Director General, Giorgi Tkhelidze. “We are confident that this investment will further motivate investors to carry out such interesting projects within this region.”
"We are happy to continue our cooperation with the EBRD's three partner companies, TBC Bank, Adjara Group and GRDC, to develop the real estate and tourism sectors in Georgia,” said Bruno Balvanera, Director of EBRD in the Caucasus. “The EBRD's financial support includes a grant component and aims to provide energy-efficient insulation materials and LED lighting. We aim to create energy efficient buildings in the mountainous region of Georgia and to support the development of such new standards.”
The interior of the hotel is under construction and will be completed in the spring of 2019.