New hotel for Bakuriani within ‘Host in Georgia’

The state program ‘Host in Georgia’s is supporting a new beneficiary who will receive financial support from the state to build a new hotel in Georgia’s Bakuriani ski resort.

Local company PMG Ltd is a new recipient of the ‘Host in Georgia’ state program. The company aimed to build a small hotel in Bakuriani by December 2016.

PMG Ltd will invest $810,000 USD to build the new hotel in Bakuriani, where 37 people will be employed.

The role of 'Host in Georgia’ in this partnership is to co-finance the interest of the beneficiary's loan.

Over the next two years the Entrepreneurship Development Agency (Enterprise Georgia) of Georgia’s Ministry of Economy, which runs the ‘Host in Georgia’ program, will co-finance new hotel projects with PMG Ltd.

Within the scheme seven new hotels worth 12 million GEL (about $6 million/ˆ5 million*) will be built in four of Georgia’s iconic areas to improve tourism infrastructure and develop the hospitality industry.

These hotels will open in the following areas:

• Bakuriani – three hotels;

• Gudauri – one hotel;

• Poti – one hotel;

• Ureki – one hotel;

• Nikortsminda – one hotel.

All hotels must have at least 10 rooms.

Through this effort more than 200 rooms will be added to the hotel sector and create jobs for about 180 people.

The first beneficiary of ‘Host in Georgia’ was local company Toka Ltd, which is building a hotel in Bakuriani. This hotel also will open in December.

Enterprise Georgia has jointly covered the interest costs of Toka Ltd’s $270,000 USD loan, which the company borrowed to build the new hotel.

The ‘Host in Georgia’ sub-component was part of the ‘Produce in Georgia’ state program that was introduced in March 2016 to revive the country’s production industry and improve Georgia’s economic future.

Within the ‘Host in Georgia’ sub-program, the state will co-finance the business projects of entrepreneurs who want to build a new hotel in any region of Georgia except capital Tbilisi and Black Sea resort town Batumi. (agenda.ge)