Trump Pulls Out of $250 Million Tower Plan in Black Sea Resort - Bloomberg
08 January, 2017
Trump Pulls Out of $250 Million Tower Plan in Black Sea Resort - Bloomberg
Bloomberg reports about the future of Trump Tower project in Batumi, Georgia’s Black Sea resort.
“Donald Trump’s company pulled out of a proposed $250-million tower project in the Georgian Black Sea resort town of Batumi, the latest effort by the U.S. president-elect to defuse charges that his global businesses will cause conflicts of interest once he enters the White House.

The Trump Organization and its local partner in Georgia, the Silk Road Group, said in a joint e-mailed statement that
they’ve decided “to formally end the development of Trump Tower, Batumi.” The project, a 47-story residential condominium, was announced in 2012 by Trump and then-Georgian President Mikheil Saakashvili. Silk Road said it will go ahead on its own with a luxury tower in the town, once dubbed the Monte Carlo of the Caucasus by Trump.

The organization announced last month it was ending real-estate projects in Brazil and Azerbaijan, in what Executive Vice President Alan Garten described as “housecleaning” ahead of Trump’s Jan. 20 inauguration. Political opponents have said his business interests could prejudice U.S. foreign policy -- especially in the former Soviet Union, given Trump’s professed admiration for Russian President Vladimir Putin.

The prospect of a U.S.-Russian thaw is of special concern to Georgia, a close American ally that still aspires to NATO membership. The country, at the crossroads of key energy routes to Europe, fought and lost a war with Russia in 2008 over breakaway provinces, and about a fifth of its territory remains under the control of pro-Russian forces.

The Trump Tower in Batumi was widely assumed to have been shelved when Saakashvili lost power in 2013 and was later stripped of his Georgian citizenship. But Giorgi Ramishvili, Silk Road’s founder, said a month ago that it was still on track.

Ramishvili, contacted by phone today, didn’t elaborate on why it’s been abandoned now, and also declined to comment on whether he’ll be attending Trump’s inauguration.

Photo: Georgia's President Mikheil Saakashvili, left, and Donald Trump shake hands during a press conference, on March 10, 2011.

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PHOTO OF THE DAY
GEL Exchange Rate
Convertor
05.04.2020
06.04.2020
USD
1
USD
3.1576
3.1576
EUR
1
EUR
3.4134
3.4134
GBP
1
GBP
3.8782
3.8782
RUB
100
RUB
4.1072
4.1072
Other Stories
The EBRD and Georgia are stepping up cooperation as the country's economy faces the challenge of the coronavirus outbreak – says an official statement published on ebrd.com.
The season at the ski resorts of Georgia closes ahead of schedule, the Prime Minister’s spokesman, Irakli Chikovani, said at a briefing.
A new Georgian armored vehicle Didgori, equipped with a 120mm mobile mortar module, will be exported under the agreement signed between the Military Scientific-Technical Center Delta and one of the countries of the Middle East, the Ministry of Defence said.
It's not a simple job to find fresh homes. But when you use the estate choice service Korter, everything becomes distinct.
Are you thinking of booking the best vehicles for your next trip at a very reasonable price? If yes, then this is one of the best decisions you can ever make for yourself.
Summer, the season of endless fun and vacations, has ended and Tbilisi has become a usually crowded city.
Devaluation of the national currency has sent shockwaves among citizens in Georgia. Officials think that the trend will return to its normal frame, though.
“The bank’s 20-year long presence in Georgia was marked by many challenges and success stories.
The National Bank of Georgia set a new exchange rate, according to which, dollar price became GEL 2.9507 on Tuesday.
Euronews and Silknet, Georgia’s leading telecommunications company, are announcing the signing of an MOU in view of launching Euronews Georgia, a news channel and digital platform aimed at a Georgian-speaking audience.
GEL Exchange
USD
1
USD
3.1576
EUR
1
EUR
3.4134
GBP
1
GBP
3.8782
RUB
100
RUB
4.1072
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