Block Group CEO Tornike Janashvili says the entry of Planet Hollywood into Georgia marks a “unique case” of a Las Vegas-based brand expanding into the region. The comment was made during the TV program Business Weekly, where he discussed the upcoming development in Tbilisi.
Planet Hollywood Resorts International, owner of the Planet Hollywood Las Vegas Resort & Casino, will open its first project in the Caucasus at Central Park Towers in Tbilisi. The development is being carried out by Orbi Group and Block Group.
Janashvili said a 40-year agreement has been signed, under which Planet Hollywood will manage hotel units in the project’s B block. Investors will be able to purchase branded hotel rooms, which he described as a rare opportunity on the Georgian market.
“We managed to convince them and signed a 40-year agreement with Planet Hollywood. Under this contract, Planet Hollywood will manage these hotel rooms. Investors can buy individual hotel units under the Planet Hollywood brand,” he said.
He added that the first 100 investors are offered units at $150,000 instead of $250,000, with expected annual returns above 20%. The project is currently under construction, with completion and opening scheduled for September 2027.
