Georgia Capital PLC (the Group or Georgia Capital) announces that the Group’s hospitality & commercial real estate business has been renamed Amber Group. The name reflects the focus of the Hospitality business on capitalizing on the rapidly expanding tourist activities in Georgia - a country considered as the birthplace of wine, with an 8,000 year history. Georgian wine, with its unique cultural heritage, is also well-known for its amber color wine.
Additionally, Georgia Capital announces that Amber Group has acquired an 8,694 sq.m. land plot for a total cash consideration of GEL 7.3mln in an open state tender. The land plot is located in the centre of Zugdidi, a city in Samegrelo, a historical region in western Georgia. The business intends to use the land for a midscale internationally branded hotel development with approximately 130 rooms. The acquisition supports Amber Group’s strategy to diversify its hospitality business portfolio across Georgia. The construction works will be carried out by m2’s construction arm, with completion expected in the fourth quarter of 2021.