m2 Real Estate, the subsidiary of BGEO Group PLC, has acquired an under construction hotel in Gudauri for €6m (US$7.2m, including VAT). The Gudauri Hotel is expected to add at least 134 rooms to m2’s portfolio. The property is conveniently located on the slope with ski-in and ski-out facilities in Gudauri – a leading ski resort in the Caucasus region. The skeleton of the building is already finished and remaining construction works will be carried out by m2’s construction arm. The Company expects to open its doors to its first visitors in December 2018.
Irakli Gilauri, BGEO CEO commented: “I am delighted to announce that m2 successfully continues to make progress towards its targeted 1,000 hotel room portfolio, over the next three years. With this acquisition, m2 has now reached approximately 760 rooms in its portfolio, of which 152 are operational and 608 are in the pipeline. The Gudauri Hotel, located in Georgia’s most popular ski resort, is expected to attract a growing number of international and local tourists interested in skiing and mountain resort experiences.”