BGEO Group PLC (the “Group” or “BGEO”), announces that the Group’s real estate subsidiary, m2 Real Estate (“m2 ” or the “Company”), has acquired an 8,512 square metre land plot in Telavi, Kakheti for a total cash consideration of US$1.5 million. The Company intends to develop a hotel on the acquired land plot with approximately 130 rooms (the “Hotel”) over the next two years. Telavi is the largest city in eastern Georgia and a major tourist destination, known as a major wine region in Georgia.
The Hotel construction works will be carried out by the Company’s construction arm. Irakli Gilauri, BGEO CEO commented: “I am pleased to see that m2 Real Estate has made yet another step towards its hotel development strategy to reach a capacity of 1,000 hotel rooms over the next three years. The Hotel, located in the heart of Georgia’s wine region, will attract a growing number of tourists interested in Georgian wine, cuisine and hiking.”
