BGEO buys ski-in, ski-out hotel project in Gudauri

BGEO Group's real estate subsidiary, m2 Real Estate, has acquired an under-construction hotel in Gudauri for a total cash consideration of $7.2m including VAT, it announced on Friday.

The FTSE 250 firm said the Gudauri Hotel was expected to add at least 134 rooms to m2's portfolio, and was conveniently located on the slope with ski-in and ski-out facilities in the ski resort.

It said the skeleton of the building was already finished, and remaining construction works would be carried out by m2's construction arm.

The company expected the hotel to open its doors to its first visitors in December.

“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,” said BGEO CEO Irakli Gilauri.

“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.”