The Georgian government has transferred a 14,686-square-meter land plot in the village of Ganmukhuri, along with existing buildings, to Lazika Residence LLC through a direct sale valued at GEL 950,000. The transfer was formalized under Government Decree No. 1718, issued on October 23, and exempts the company from previously imposed fines related to delays and non-fulfillment of its construction obligations.
According to the decree, the state property includes a 16,289-square-meter building already developed by Lazika Residence. The company had initially undertaken to complete a multifunctional complex in Ganmukhuri by 2025. The planned 9-story development covers 14,000 square meters and includes a 212-room hotel, 205 residential apartments, commercial spaces, a restaurant, spa, swimming pool, and gym.
Under the new terms, Lazika Residence must complete and operate the hotel within two years of signing the agreement, either independently or through a third party. Additionally, the company is required to transfer GEL 24,871 in compensation to the treasury account of the National Agency of Mineral Resources within one month.
In return, the government has released Lazika Residence from fines previously imposed for breaching obligations under the May 27, 2011 agreement with the National Agency of State Property. The exemption applies on the condition that the company pays GEL 50,000 privatization fee within one year and puts the hotel into operation as stipulated.
According to the decree, this release is granted in line with Article 49¹ of the Law of Georgia on State Property, allowing for conditional forgiveness of penalties when a company recommits to fulfilling its privatization terms.
Public registry data confirms that the Ganmukhuri property was officially transferred to Lazika Residence LLC on October 30. The company, registered in 2011, is owned by Teimuraz Chikovani (50%), Besik Chikovani (33%), and Paata Gogokhia (17%).
