(Alliance News) - Georgia Capital PLC on Wednesday said its hospitality & commercial real estate business has acquired a land plot for GEL7.3 million.
The Georgia-focused business investor and developer acquired an 8,694 square metre plot for the equivalent of GBP2.1 million in cash through an open state tender.
The land is located in the centre of Zugdidi, a city in western Georgia, and will be used "for a midscale internationally branded hotel development with approximately 130 rooms".
The division was recently named Amber Group. Georgia Capital said the acquisition is part of Amber's strategy of hospitality business diversification in Georgia and construction is due to complete "in the fourth quarter of 2021".
Shares in Georgia Capital were flat at 1,072.00 pence on Wednesday morning.
Georgia Capital (CGEO)