"Partnership Fund" left the list of owners of "Radisson Collection" in Tsinandali.
According to the financial report of Silk Road Group Holding's subsidiary, SRG Real Estate, it is clear that company Tsinandali Savane, the owner of Radisson Collection, fully bought out the 33.43% share of Tsinandli Estates on May 15, 2023. The value of the transaction was GEL 42.383 million.
The construction of "Radisson Collection" in Tsinandali started in 2012, for which the "Partnership Fund" allocated a loan of USD 2.3 to the company at that stage, however, the construction of the hotel was stopped due to some technical reasons. Then, the partner fully repaid the loan and interest allocated by the fund.
In 2016, the authors of the project qualitatively updated the characteristics of the project, increased the size of the hotel, expanded the infrastructure, formed a new financial structure and offered the fund to enter the capital as a partner. As a result, a partnership agreement was signed between the company and the foundation, as a result of which the project was co-financed. In 2016, according to the report, the total cost of the project was determined at USD 30 million, of which the partnership fund planned to invest USD 10 million.
"Silk Road Group" opened a 5-star international brand hotel "Radisson Collection" in Tsinandli estate in 2018.
