BGEO Group’s real estate subsidiary acquires land plot in Telavi for hotel development
BGEO Group PLC (the “Group” or “BGEO”), announces that the Group’s real estate subsidiary, m2 Real Estate (“m2” or the “Company”), has acquired an 8,512 square metre land plot in Telavi, Kakheti for a total cash consideration of US$1.5 million. The Company intends to develop a hotel on the acquired land plot with approximately 130 rooms (the “Hotel”) over the next two years. Telavi is the largest city in eastern Georgia and a major tourist destination, known as a major wine region in Georgia. The Hotel construction works will be carried out by the Company’s construction arm.