Five years ago, we made the strategic decision to invest in the then-promising city of Batumi, Georgia. Unfortunately, the outcomes did not meet our expectations. Since the onset of the war in Ukraine, tourism in the region has lost the momentum that initially drove our investment decision, and we do not anticipate a significant improvement in the near future.
In accordance with our contract with Reubush Hospitality Group LTD, ID 445514934LTD, we had the option to sell our share in the River Park Hotel back to the developer within five years – until 24.11.2025 – and we have chosen to exercise this option.
The proceeds from the River Park Hotel, totalling EUR 108,000, will be reinvested into our current projects across the region, ensuring continued focus on opportunities that align with our strategic goals.
