Construction of Three-Star Park Inn By Radisson to Start Summer 2016

The Partnership Fund is working to build the three-star hotel Park Inn by Radisson with investment company Bloc Invest, an active player in the real estate market.

Park Inn by Radisson will be oriented towards the middle social class and is to include 200 rooms, a restaurant for 120 people, a bar, lobby-bar, conference halls, meeting rooms and parking places for 40 cars. According to the Fund, USD 25 million has been invested in the project.

The Director of the Partnership Fund Investment Department, George Cherkezishvili, said that there is demand for a three-star branded hotels and the Fund plans to fill that deficit.

The JSC Partnership Fund was established by the Government in 2011. The State owns 100 percent of the Fund and has assets exceeding 5 billion GEL. The Fund holds shares of Georgian Railway, Georgian Oil and Gas Corporation, Georgian State Electric System, Electricity Commercial Operator and Telasi, distributor of electric power in Tbilisi. One of the main objectives with investment directions is proper corporate management of these shares.

The new hotel will be built at Chanturia Street N10, in place of hotel Tori. Construction will begin in summer 2016 and will be completed by 2017.

Ana Akhalaia