BGEO subsidiary buys land plot for hotel

BGEO's subsidiary, M2 Real Estate, has acquired an 8,512 square metre land plot in Telavi, Kakheti, for $1.5m in cash, on which it plans to develop a hotel.

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The hotel, which would be developed over the next two years, would have around 130 rooms. Telavi is the largest city in eastern Georgia and a major tourist destination, known as a wine region.

The hotel construction works will be carried out by the company's construction arm.

Chief executive officer Irakli Gilauri said: "I am pleased to see that M2 Real Estate has made yet another step towards its hotel development strategy to reach a capacity of 1,000 hotel rooms over the next three years. The hotel, located in the heart of Georgia's wine region, will attract a growing number of tourists interested in Georgian wine, cuisine and hiking."