BGEO Group’s real estate subsidiary acquires controlling stake in a lifestyle boutique hotel
BGEO Group PLC (the “Group” or “BGEO”), announces that the Group’s real estate subsidiary, m2 Real Estate (“m2” or the “Company”), has acquired a 50% stake from a third-party in an upcoming lifestyle boutique hotel (the “Hotel”) in Tbilisi for a total cash consideration of US$4.1 million. Additionally, m2 has an option to increase its shareholding to 60% stake by injecting US$1.9 million into the Hotel’s capital. The Hotel, which is expected to add at least 100 rooms to m2’s portfolio, is conveniently located on Mtatsminda hill - a neighbourhood with one of the most spectacular panoramic views of the capital.
The Hotel construction works are being carried out by the Company’s construction subsidiary. The skeleton of the building is already finished and completion is expected in the first quarter of 2019. The Hotel, with its boutique style intertwined with a focus on the concept of wine and fine dining, is expected to attract a growing number of tourists, as well as the affluent local population.