Partnership Fund to Expand Lopota Complex
The Partnership Fund of Georgia is to invest $4,500.000 in order to expand the hotel complex at Lopota Lake, Kakheti region.
The Partnership Fund and LLC Lopota Investment signed the relevant agreement on Wednesday.
The expansion of the existing hotel at Lopota Lake envisages the creation of an additional 85 hotel rooms, an administrative building, a 300-seat conference hall, chateau, restaurant, cafe-bar, fitness club, and closed and outdoor swimming pools.
The signing ceremony was attended by the Prime Minister of Georgia, Giorgi Kvirikashvili. The PM walked through the territory and expressed hope that following the enlargement, the place would attract even more tourists and visitors.
"Soon, we will have a completely new, much bigger and more sophisticated tourist destination – Lopota. It is an investment by the State and I expect it to be a very successful project. The development of this complex is the merit of a private business, with the State assisting in the part considered necessary for development,” the PM said after the signing ceremony.
JSC Partnership Fund (PF) is a state-owned investment fund established in 2011.
The fund is assigned Fitch rating "BB", which is equal to the sovereign ceiling of Georgia. PF was created on the basis of consolidating ownership of the largest Georgian state-owned enterprises operating in transportation, energy and infrastructure sectors.
The main objective of the Partnership Fund is to promote investment in Georgia by providing co-financing in projects at their initial stage of development.
Head of Partnership Fund, Davit Saganelidze, said the Lopota project was of utmost importance.
“We are very proud to participate in a project which serves the development of Lopota Lake,” he said.
The Partnership Fund has already established a joint venture with Lopota Investment LLC, named Lopota LLC.
Construction works will be carried out by CIC, while the construction will be supervised by Colliers.
Several dozen people are to be employed during construction works and the opening of the hotel is scheduled for the end of 2018.
Thea Morrison