BGEO Group's real estate subsidiary opens its first hotel in Tbilisi
BGEO Group PLC (the “Group” or “BGEO”), announces that the Group’s real estate subsidiary, m2 Real Estate (“m2” or the “Company”), has opened a Ramada Encore hotel (the “Hotel”) in Tbilisi - the Company’s first hotel under an Exclusive Development Agreement with Wyndham. The Hotel has a capacity of 152 rooms, a restaurant, offers conferencing and fitness facilities, and will cater the needs of the rapidly growing market for budget travelers in Georgia. The average daily rate of the Hotel in the stabilisation year is projected at US$ 110, with 70% expected occupancy rate. The Company’s investment in the Hotel, including the land value, totalled US$ 14 million.