Park Hyatt Tbilisi
OPIC is considering up to USD 30 million in financing for the construction of a hotel and residential apartment project to be managed by Hyatt International as a Park Hyatt.
Early this year it was announced that European Bank for Reconstruction and Development will lend $110.7 million to Georgian developer International Estate Investments for construction of a five-star Hyatt hotel in Tbilisi .
The $200 million Park Hyatt Tbilisi will be built on the Mtkhvari River, which flows through downtown.
GMT Real Estate
Pending approval by OPIC’s Board of Directors in December, OPIC hopes to provide up to USD 40 million in financing for the construction of a multi-use building in downtown Tbilisi opposite the Georgian Parliament building. The new building will be comprised of office space, apartments, retail stores, executive hotel suites, parking and a public art space.
GMT Group is one of the leading private sector investors in Georgia, with around US$200 million in capital invested across 5 portfolio companies in several industries. GMT was founded in 1998.
GMT is the owner and developer of a luxury hotel in downtown Tbilisi operated by Marriott, of another hotel for business and leisure travelers operated under the brand name of Courtyard by Marriott, a first class A office premises in downtown Tbilisi and the owner of the largest producer of dairy products and juices in Georgia. GMT also owns the site across the Parliament of Georgia on the city’s main avenue and a former restaurant landmark building overlooking Tbilisi from mount Mtatsminda.
GMT owns and is developing the site, a land plot of 5,000 square meters, at central, Rustaveli Avenue located within the government, cultural, historical and business center of the city. Located in front of the Parliament building, this location is one of the best locations in Georgia available for the development.
Mtatsminda Park in Tbilisi – The multifunctional business complex will include space for meetings, incentives, conferences and events, a restaurant, a banquet venue, and entertainment and retail operations. Mtatsminda Plateau Project is a development of a prominent multifunctional building in Tbilisi, former restaurant Mtatsminda building of around 7,000 m/2, located on the hill of Mtatsminda (Holy Mountain), which dominates the center of the city. Initially, the three-story building was constructed to replace an old upper station of the Funicular (a mountainous cable-operated railroad (501 meters) with upper and lower stations) located at an altitude of 727 meters above sea level, in 1936-1938. A “different” and most beautiful structure of the building had become a symbol of Tbilisi.
OPIC has committed to provide a USD 6.3 million direct loan to Joint Stock Company SB Iberia for the construction of an apartment building for moderate-income families in Tbilisi. The project is a joint venture between JSC Iberia Real Estate and JSC Bank of Georgia. Firebird Avrora Advisors, LLC is the U.S. sponsor of the project.
Iberia was established in 1999 and completed its first residential development in October 2002.
Iberia operates through two main divisions: Real Estate Development Division and Construction Division.
Today, Iberia is one of the largest and fastest growing companies operating in the real estate market in Georgia with a solid pipeline of unique interesting projects. In 2007, Iberia Construction invested USD 1 million in acquiring new equipment and machinery.
OPIC was established as an agency of the U.S. government in 1971. It helps U.S. businesses invest overseas, fosters economic development in new and emerging markets, complements the private sector in managing risks associated with foreign direct investment, and supports U.S. foreign policy. Because OPIC charges market-based fees for its products, it operates on a self-sustaining basis at no net cost to taxpayers.