Georgia’s Partnership Fund to Restore Borjomi Romanov Palace

TBILISI – Georgia’s Partnership Fund will restore a famed 19th century Romanov Palace in the country’s mountain resort town Borjomi.

The Economy and Sustainable Development Ministry opted to transfer the rights of the palace to the fund in order to oblige it to carry out extensive restoration work on the estate, with the goal of turning the complex into a national park.

“We wanted to transfer the palace to an investor for long-term use. I’ve talked to about 50 different investors, but couldn’t reach a final agreement because the operation costs were too high. Some of the investors suggested we build a new hotel on the palace grounds, but this was impossible because the site has the status of a national cultural monument and additional new construction is banned,” said Economy Minister Dmitry Kumsishvili.

Kumsishvili said the ministry hopes that after the extensive restoration, the historic palace will become a main tourist attraction in Borjomi.

The palace is technically public property, despite its official cultural status. Former Georgian President Mikheil Saakashvili used the site as summer residence before fleeing the country in 2013.

Built by Russian architect Leontin Benua in 1892-1895 on the order of the Romanov dynasty’s Tsar Nicholas II. The residence was a favorite retreat for the royal family and later a main attraction for tourists coming to Borjomi from across the Soviet Union.

One of its more famous patrons during this time was infamous Georgian-born Soviet leader, Joseph Stalin
The government established the Partnership Fund in 2011 and owns 100 per cent of the fund and as well assets exceeding 5 billion GEL.

By Ana Akhalaia

Edited by Nicholas Waller

01 April 2016 19:50