A four-star GINO Wellness Hotel jointly funded by the Partnership Fund and Eurocom Investment Georgia, was inaugurated on April 12, 2013, in nearby Rabati Castle in Akhaltsikhe region.
USD 5 million was invested in the new luxurious hotel that has no equal in Akhaltsikhe region, a distinguished tourist haunt thanks to the historical monuments scattered throughout Akhaltsikhe as well as due to its beautiful landscapes and views.
The hotel offers 38 rooms, including 2 luxury suites, and has a bar, restaurant, spa, sauna and open pool infrastructure. The hotel architecture fits the tourist complex of Rabati Castle, renovated in 2012.
“There is a number of guest houses in the region but the place lacked a luxurious hotel like this one,” Vakhtang Kuprava, PR Manger of Partnership Fund (PF) said. And as the priority of PF managing with the state assets of strategic importance and aimed on infrastructure projects development as one of its key priorities decided to support the investor by USD 2.4 million of convertible loan disbursed under 10%, Irakli Kovzanadze, Executive Director of FP, told Georgian Journal.
The remainder part was co-financed by Slovakian export-import bank EXIMABANKA that indicates on importance of the project, FP accentuates. According to Kovzanadze, the project was started past year by ex-powers but the new government liked the idea too and supported its implementation. During the hotel’s presentation event Kovzanadze and EXIMABANKA representatives signed an agreement on partnership in developing tourism projects in Georgia through joint efforts.
The state-owned PF’s current asset base exceeds 4.3 billion USD as it incorporates government stakes in major state-owned enterprises including Georgian Railway (100% stake), Georgian Oil and Gas Corporation (100% stake), Georgian State Electrosystem (100% stake), Electricity System Commercial Operator (100% stake) and 25% stake at Tbilisi electricity distribution network Telasi. According to Kovzanadze, FP participates in several other tourism-oriented projects such as five-star hotel Rixos Hotel in Likani spa resort, with the total investment of USD 38 million, where FP participates by USD 15 million. In the five-star Radisson hotel in Tsinandali [Kakheti region] with the total investment value of USD 16.8 million FP participates by USD 4 million. USD 1.15 million of FP’ co-financing goes on a smaller hotel project requiring USD 1.3 million of investments and constructed near Ilia Lake in Kvareli, Kakheti.