Hospitality business agreement with Kempinski

RNS Number : 8252X

Georgia Capital PLC

02 May 2019

 

                London, 2 May 2019

Hospitality business signs agreement with Kempinski

Georgia Capital PLC (the Group or Georgia Capital), is pleased to announce that the Group's Hospitality & Commercial real estate business, owned through m² (the "Company"), has signed a management agreement with Kempinski Hotels S.A. ("Kempinski"). Under the agreement Kempinski will manage the Company's upcoming only luxury hotel (the "Hotel"), which is located on Mtatsminda hill - a neighborhood with spectacular panoramic views of Tbilisi. Kempinski is one of the world's leading luxury hotel management groups and the partnership fits perfectly into the Company's business plan to develop the only luxury hotel within its portfolio. The hotel is expected to add high quality revenues to our Hospitality business starting from fall 2020.

Name of authorised official of issuer responsible for making notification: Nino Rekhviashvili, Head of Investor relations

About Georgia Capital PLC

Georgia Capital is the holding company of a diversified group focused on investing in and developing businesses in Georgia with holdings in sectors that are expected to benefit from the continued growth and further diversification of the Georgian economy, the opening of the Georgian economy to Europe and economic development in the wider region. The Group seeks to capture growth in the sectors in which it currently operates and drive the development of new high-growth businesses in Georgia, which it intends to add either by acquiring businesses in their early development stage or by establishing greenfield businesses, often consolidating fragmented or underdeveloped markets. The Group currently has four key portfolio companies: (i) GGU, a water utility and renewable energy business; (ii) m², a residential and commercial property developer; (iii) Aldagi, the foremost provider of property and casualty insurance products in Georgia; and (iv) Teliani, a leading wine and beer producer in Georgia.

In addition to its portfolio companies, the Group holds investments in two London Stock Exchange premium-listed Georgian businesses: GHG, (57% stake), the parent company of the largest and diversified healthcare provider in Georgia, which operates in the healthcare services, pharmacy and medical insurance sectors; and Bank of Georgia Group PLC, (19.9% stake), a leading universal bank in Georgia.

JSC Georgia Capital has, as of the date hereof, the following credit ratings:
S&P Global	'B+'/FC & 'B+'/LC
Moody's	B2/CFR & B2/PDR

For further information, please visit www.georgiacapital.ge or contact: 

Irakli Gilauri	Giorgi Alpaidze	Nino Rekhviashvili
Chairman and Chief Executive	Chief Financial Officer	Head of Investor Relations
[e-mail]	[phone]	+ 995 322 005 045
	[e-mail]	[e-mail]

This news report is presented for general informational purposes only and should not be construed as an offer to sell or the solicitation of an offer to buy any securities

 

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