Forbes: Czechs will build a new city in Georgia, investing over 2 billion CZK

Prague - Czechs will build a new town for about 10,000 people on the shores of the Black Sea near the city of Kobuleti on an area of 400 square meters. The luxury complex, which will include a hotel, apartments, and three hundred houses, restaurants, as well as football and golf courses or a spa center, will cost more than two billion crowns. This is reported by the website Forbes.cz. The construction, which will be overseen by the Czech company H20 Group led by Libor Vlasák, is planned to start at the beginning of next year. The design of the resort was developed by two architectural studios: Chybík+Krištof and AiD team.

The Green Resort project is backed by three Czech and one Slovak-Georgian entrepreneur: Radek Brázda, Marek Šak, Roman Vývoda, and Levan Šerazadišvili. Two of the investors, Brázda and Šerazadišvili, have experience in real estate investment in Georgia. Their company L&R Company has already built several residential buildings on the Black Sea coast and has several more under construction, the website states. Šak and Vývoda are entrepreneurs from Hranice na Moravě. Hotelier Lukáš Pytloun, who owns the Pytloun Hotels chain and is likely to be the operator of the planned hotel, is also involved in the project.

The investors have purchased land for the first phase of construction, which mainly includes a large hotel for 500 people and apartment units. They intend to finance the project by involving additional parties. "We are negotiating with investment funds, larger investors, and at the same time, we will open it up to retail investors. Therefore, in September, we will launch a bond issuance worth a total of 400 million crowns," stated one of the project managers, Petr Zapletal.

According to Forbes.cz, the Green Resort is supported by the Georgian and local Adjara government, and several politicians attended the festive launch of the project in the first half of July. "We are talking about significant investments on the coast. This project will be a gem of the entire Black Sea area. It will ensure that Georgia will be able to occupy a leading position in tourism in this region," said Georgian Prime Minister Mamuka Bakhtadze, adding that the government has already signed an investment contract with the Green Resort company.