Investor plans to renew hotel construction in Vake Park

Investor plans to renew the construction of the hotel Budapest in Vake Park. According to the director of Tiflis Developments, Giorgi Zakaidze, within a few days, they will select the construction company by tender and start works. He said they have a construction permit and a court ruling on the right to build.

Zakaidze said that the company presented an audit report to the City Hall based on which they had to get their investment back but said that they had not received an accurate offer yet.

“The City Hall promised that in exchange for the land we would be given an appropriate value of the land or real estate or even money. More than a year has passed, and we still have not received any offers. There were promises, and the only suggestion was the area next to the oncological hospital. We didn't want to build a hotel or business center next to such a facility,” noted Zakaidze.

Irakli Zarkua, deputy chairman of the Tbilisi City Council, said no hotel would be built in Vake Park during their time in office. At the same time, he acknowledged that no agreement has been reached with the investor so far.

“There were some offers for the investor, but they said no because it is not easy to offer a land worth of $7 million,” noted Zarkua.

One year ago, on January 25, Tbilisi Mayor Kakha Kaladze promised the public that no hotel would be built in Vake Park. The mayor then announced that the issue of relocation to the investor would be resolved in the future.

The meeting between the hotel investor and the Mayor was also held on January 21, 2019. The parties failed to reach an agreement. After the meeting, the investor said the mayor was under the pressure of a small section of the public.

Zakaidze said at the time that the City Hall's proposals were unacceptable to him and that if they did not obtain the permission of building a hotel, they would apply to the court and demand compensation.

Vake Park is a public park in Tbilisi. The park was opened in 1946 and is located in the Vake district of Tbilisi at the western end of Chavchavadze Avenue.