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Hayatt Hotel Chain Enters Georgia

The international hotel chain Hayatt finally enters Georgia.

Several years ago, the company made an  attempt to enter the Georgian market, but these plans have been postponed, now the network intends to take the  existing facilities under its  management.

In particular, at this stage, we are talking about a 5-star hotel in the former Ministry of Justice in the center of Tbilisi  building by Rustaveli Properties company.

In the near future construction work will begin, the building will be upgraded, but its appearance will remain unchanged.

At this stage, the investment cost of the project is not specified, but according to the company’s Director  Mindia Gadaev, it will reach  about tens of millions of dollars.

According to information posted on the Hyatt Hotels Corporation’s website, the company signed a contract with the Rustaveli Property Ltd regarding the management of the Hayatt Regency hotel, which will be built by 2017.

The hotel will consist of 170 rooms.

“We are pleased to work with Hyatt, and we are honored to participate in the renewal of the historic building,” – Roman Pipia, the founder Rustavelli Property Ltd, says.

Rustaveli Property Ltd was established for the development of the hotel industry, and is included in  the “Loyal Capital Group” company.

“Rustaveli Property” acquired the building of the Justice Ministry in the auction. The starting price was  $60 million.

Initially, the construction of the “Hayat” hotel was planned on the waterfront in Tbilisi. Preparatory works  began, but after the war and the crisis of 2008-2009, the process was stopped.

Currently, no specific projects are considered yet. The process of studying the demand in the market is underway in order to determine optimal variants  for developing the territory.