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Georgian Businessman to Construct $30 Million Hilton Hotel

Georgian businessman Lasha Papashvili said he completed talks with Hilton Worldwide Inc. to construct a $30 million hotel in Tbilisi as a part of his $120 million plan to build hotels nationwide.

“We have plans to build several hotels in Georgia, while one of them will be a Hilton-managed hotel in the city center,” Papashvili said in a phone interview in Tbilisi. “Construction should be complete by 2013.”

Papashvili is a 10 percent shareholder of Bank Republic and manages real-estate company Redix in the Georgian capital.

To contact the reporter on this story: Helena Bedwell in Tbilisi at hbedwell@bloomberg.net

To contact the editor responsible for this story: James Gomez at jagomez@bloomberg.net

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