USD 40 Million to Be Invested in Rixos Tbilisi Construction

USD 40 million is to be invested in the construction of RIXOS TBILISI, 1/3 of which is allocated by the Bank of Georgia based on the guarantee of the owners, Georgian company City M, and the remainder by Israeli investors.

Completion of the project has been postponed a number of times. According to the last government resolution, City M should complete the construction of the multifunctional complex before June 1st, 2016.

The President of Israel-Georgia Chamber of Commerce, Itsik Moshe, explained the reason for the delays to the project as the fact it coincided with a time when problems arose in the world economy. Moreover, the construction of this kind of hotel is not possible at high speed as it takes time to work on precise design and planning. The cost of the hotel chandelier alone, which is exclusively produced for RIXOS, is USD 1 million.

“Almost all the large-scale projects were affected by the world [financial] crisis and there are many factors in this. We hear every day about companies collapsing. The crisis has led to the point where the world economy ‘died.’ RIXOS TBILISI hasn’t stopped for almost a single day. In addition, we need to analyze what kind of project will be built, with what kind of technologies, and this takes exactly the same amount of time in more developed countries,” Moshe said, adding that the hotel will have no competition on the market because it will be the most luxurious hotel with a unique service. 100 people are to be employed there.

Ana Akhalaia