BAKU, Azerbaijan, May 11
By Tamilla Mammadova - Trend:
Georgia's investment company Silk Road Group has secured 15 million euro in funding from IFU, Denmark’s Investment Fund for Developing Countries, to transform Tbilisi’s historic Telegraph building into a lifestyle hotel, Trend reports citing Silk Road Group.
As reported, IFU’s funding is provided via the Danish SDG Investment Fund, which is backed by large Danish pension funds.
The 220-room hotel will create 350 local jobs in hospitality and secure the future of one of Tbilisi’s landmark buildings. Plans for the final hotel include a ground floor food and beverage facilities, rooftop terrace and redevelopment of the hotel’s sizable courtyard into meeting and banqueting facilities.
The reconstruction will be done in accordance with LEED Gold standards for environmental impact.
Silk Road Group, one of Georgia’s largest business groups, is also set to agree financing deals with local and international banks before construction begins.
“I am happy to announce that the Danish SDG Investment Fund has committed to invest 15 million euros into our new project to renovate the iconic former Telegraph building in the heart of Tbilisi," said the company’s Founding Chairman George Ramishvili.
“We are very pleased with our investment, and we look forward to seeing this landmark building transform into a modern and sustainable hotel creating local jobs and paving the way for further tourism and business in Georgia,” said IFU’s CEO Torben Huss.
“Following the LEED Gold standard reflects our ambition to support local development as well as taking care of the environment, which are integrated targets in the Sustainable Development Goals and a main priority for IFU and the Danish SDG Investment Fund,” said IFU’s Investment Director Klaus Prebensen.
Built in the 1970s, the Telegraph building is one of the city’s most recognizable Soviet-era buildings. The building is located in the heart of Tbilisi on Rustaveli Avenue, complementing Silk Road Group’s other properties on Republic Square.
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