Adjara Group and DFC sign a Finance Agreement to develop Rooms Hotel Abastumani
Adjara Group and U.S. International Development Finance Corporation (DFC) have signed a Finance Agreement supporting the development of locally branded Rooms Hotel in Abastumani.
Rooms Hotel Abastumani will welcome its first guests in 2024, bringing new life to the historic sanatorium Arazindo 100 years after it opened the doors in 1924. The project envisages creating around 150 employment opportunities and unique, high-value jobs for local communities, thus significantly strengthening the economic development of the region.
Nestled within the coniferous forest with healing powers, Rooms Hotel Abastumani will feature 76 guest rooms along with conference and meeting spaces. Its restaurant and bar will provide Adjara Group’s signature farm-to-table gastronomic program. Functionally, health and wellness will take center stage at the hotel. The project implies creating facilities and programming aimed at promoting a healthy lifestyle.
The Finance Agreement was signed by the Managing Director of DFC, Kenneth Angell, the Founder and Chairman of the Board of Adjara Group, Temur Ugulava, and the CEO of Adjara Group, Otar Berishvili. The total cost of the project is USD 14.45 million, out of which Adjara Group will make an equity investment of USD 5.85 million and with the support of financial advisory company Wings & Freeman Capital, will take a long-term loan from DFC in the amount of USD 8.6 million. This is the first investment of DFC in hotel development outside of Tbilisi.
