Hospitality and Real Estate

The Hospitality and Real Estate are some of the fastest growing sectors in Georgia. In 2019, January-July period, the number of international visits to Georgia has increased and reached 4,961,918, +7.8% growth compared to the last year.

The growth in the number of visitors has been driven by developing tourism infrastructure and an increased awareness of Georgia due to numerous international marketing campaigns and positive word of mouth. Over the past decade, airline connectivity has significantly improved, with three international airports and four local hubs now in operation. Several new international hotel operators have entered the market and others are set to join them in the coming years.

In October 2016, under the GCF’s brand the Georgian Tourism Development Fund was created, in order to develop investment projects within the tourism and hospitality industry.


We plan to tap into the growing market of hospitality and real estate by developing a portfolio of hotels across Georgia. To further diversify within this field, we will also consider the development of leisure, entertainment and commercial facilities.

The Fund will focus on investing in the following categories of projects:

Hotels located in Tbilisi
  • Type of hotel: upscale, midscale and economy
  • Portion of sector portfolio: 35%
Seaside hotels
  • Type: midscale and luxury hotels
  • Portion of sector portfolio: 20%
Mountain and alpine ski hotels
  • Location: Gudauri, Bakuriani and Svaneti regions.
  • Type: midscale and economy hotel
  • Portion of sector portfolio: 15%
Spa hotels
  • Location: Tskaltubo, Akhtala and Borjomi
  • Type: midscale and one upscale spa hotel
  • Portion of sector portfolio: 10%
Regional hotels
  • Location: regions with rich cultural heritage (Kakheti, Imereti, Kartli, Racha etc.)
  • Type: midscale and economy hotel
  • Portion of sector portfolio: 10%
Various leisure, entertainment and commercial facilities
  • Type: diversified class of real estate assets complementary to hospitality and real estate sector
  • Portion of sector portfolio: 10%


  • Galleria Tbilisi

    Total Investment Size: US$ 100 M

  • Axis Towers

    Total Investment Size: US$ 147 M