Georgian hotel to be put on auction
BAKU, Azerbaijan, November 8
By Tamilla Mammadova – Trend:
The Georgian state-owned Partnership Fund JSC has announced an open auction for a 10-year lease with the right to purchase a five-star Borjomi Likani hotel in Georgia, Trend reports referring to the fund's message.
Borjomi Likani was built in 2015 in the resort village of Likani near the city of Borjomi. The fund is currently the sole owner of this hotel.
The initial bid price is set at $37.6 million. The auction will be held on December 6.
The initial price is significantly less than the money spent on the construction of the hotel ($48 million).
The hotel has 152 rooms, and occupies the land area of 156,600 square meters. The hotel and the land are located next to the former Romanov Palace, built at the end of the 19th century by order of the Russian emperor.
The palace, together with the park adjacent to it, was transferred to the management of the Partnership Fund for a period of 25 years in 2016 with the aim of their restoration and the creation of a museum complex.
Near the palace, the Partnership Fund also owns a land area of 234,400 square meters, on which it offers the winner of the auction to carry out investment projects for the further development of the hotel complex.
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