News & Media
Partnership Fund prepared Tskhaltubo development concept
Posted on: 05 Dec 2014
The Partnership Fund together with Kohl & Partner, an international consulting company, completed a feasibility study and development concept for the Tskaltubo resort. According to the concept, rehabilitation process will run several years. It will be divided in two phases and include: restoration of thermal bathes, reconstruction of state-owned hotels, construction of modern hotels, development of spa and wellness tourism, construction of kids entertainment centers and water attractions, development of restaurants, arrangement of a golf playground, opening of shopping centers and cultivation of tropical gardens. Hundreds of additional jobs will be created and economic situation will be improved as a result of the development of the resort. "There is a high interest from investors; however, we hope that when the concept is released the interest will be even higher. Regarding the volume of the total investment, I think that at least $ 750 mln will be invested, which will play a vital role in the development of the region,” Irakli Kovzanadze, CEO of the Partnership Fund said.
According to Kovzanadze, together with the Ministry of Economy and Sustainable Development, the Fund’s goal is to turn Tskhaltubo into a center of wellness and spa resorts in Eastern Europe. He believes that renovated Tskhaltubo resort will be able to compete with central European well-known resorts and establish its own attractive image.