LONDON (Alliance News) - Georgia Capital PLC said Tuesday its hospitality and commercial real estate business bought a land plot in central Tbilisi, Georgia, for GBP5.3 million in cash.
The company, which owns the commercial arm through residential and commercial property developer m2, said it will use the land plot to build a four-star business class hotel development with "at least" 120 rooms.
The construction works will be carried out by the company's construction arm, with completion expected in the first half of 2021, Georgia Capital said.
Shares were trading up 0.1% at 993.00 pence each.
Georgia Capital (CGEO)