BUSINESS
‘Panorama Tbilisi’ – How Ivanishvili’s ambitious project looks like
28 March, 2014
Gardabani’s greenhouse economy is on its first stage of replacing 30% of imported tomatoes with locally produced ones. “Tbilisi Panorama” project is overseeing the planting of 30 thousand trees in Tbilisi and the addition of 1800 underground parking spaces, the BPN informs.
The projects financed by the co-investors’ six billion fund have finally become unveiled to the
anticipating public.

Erection of a grand hotel complex, a milk processing plant and a hothouse thrift, a hydroelectric power plant over Mtkvari and a cascade of hydroelectric plants over Tskhenistsqali – these are the projects presented by the fund’s executive director, Giorgi Bachiashvili to the media, business and authority representatives.

Total volume of investments is 1.3$ billion and each of the investments has been initiated by co-investors of the fund. The fund has already found partners for some of the projects, but for others the search still goes on. Forty to sixty percent of the people responsible for the projects is composed of the fund’s co-participants.
Tourism – “Panorama Tbilisi”

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Building of the complex consisting of four hotels will start in Old Tbilisi in the closest future. The hotels comprising the “Panorama Tbilisi” will be named “Freedom Square”, “Erekle the Second’s Square”, “Sololaki Heights” and “Sololaki Gardens”. Documents for the part of the complex located in Sololaki are to be handed to city hall next week, and upon their approval the fund will be ready to start construction of the Sololaki part immediately.

The 5+ star part of the complex will be located at the Freedom Square, 4+ star part in Old Tbilisi and Sololaki will be home to 4-star hotels.

Giorgi Bachiashvili, the fund’s executive director said that the decision to build the complex was based on the careful study of the market:

“We have access to both the statistics from the Tourism Department that shows the growth of tourism as well as general data on how heavily currently existing hotels are burdened. We also conduct our own surveys. Based on the information we collected, we have made a conclusion that Georgia and especially Tbilisi is in need of additional hotels. “– Bachiashvili has declared.

In terms of “Panorama Tbilisi”, the fund still hasn’t found a partner who would be able to provide 100% participation in this stage of the project, but according to Bachiashvili, active negotiations are in progress with a few of the brands, including “Hilton”.

“We are currently negotiating with several brands. Since four hotels are planned, there is a possibility of having four different brands included, or maybe one brand with different sub-brands.” – Bachiashvili said.

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According to him, the land required for the project already belongs to the fund, including the land previously owned by Bidzina Ivanishvili, but the fund’s general director has remarked that the property was purchased, not gifted or otherwise transferred.

“Part of the land that we purchased used to be Mr. Bidzina’s property and the other part we obtained from private owners” – Bachiashvili admitted.
He also said that the “Panorama Tbilisi” complex isn’t only made unique by having all four parts of it connected by the cable road, enabling clients to freely move between them, but also by the fact that it will be accompanied by planting of 30.000 new trees.

“This is going to be the first occasion of tree-planting on such a massive scale in Tbilisi, not to mention that it will be accompanied by creation of 1800 underground parking spaces” – said Bachiashvili.

According to him, the fund currently cooperates only with Georgian architectural enterprises, but does not exclude future cooperation with local construction companies.

“The duty of the architects is to account for Tbilisi’s cultural values in their planning. There is, however, a possibility for making some adjustments after the project has been studied by the city hall’s institutions.” – said the executive director.

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Mamuka Khazaradze, the chairman of TBC Bank’s observatory council, has stated in his conversation with BPN that the massive scale of investment into Georgian business planned by the fund has not been matched by anyone, be it a single investment company or a collective scheme.

The businessmn was especially pleased by the diversification of the investment and its main priorities being improvement of both the tourism industry and development of the city’s infrastructure.

“Such a grand construction will invite a completely new outlook on the city’s organization and the hotel system.” – Khazaradze declared.

According to Bachiashvili, the fund’s management is also planning to construct several 3-star hotels as well. The projects are currently in the preparation stage and will be revealed to the public in the nearest future.


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