The company “Megapalace” started to build a 29-storey hotel in the center of Batumi. According to the company’s representative, the first floor is already finished , the construction work will be completed in 3 years.
The company purchased 1 767 sq.m of non-agricultural land in Batumi via auction from the Ministry of Finance and Economy for GEL 610 thousan.
According to the terms of privatization, the investor is obliged to obtain the construction permit within 6 months of signing the contract and complete the hotel in 36 months after commencement of construction.
According to the terms of the auction, the investor should invest at least GEL 2.5 million in the construction. The investor must also maintain the object’s profile for 10 years from the effective date of the hotel and employ 90% of the Georgian citizens.