Donald Trump May Invest $100 Million in Georgia Resort Tower
Donald J. Trump, the U.S. real- estate developer, said he may invest more than $100 million in a residential high-rise on the Black Sea coast of Georgia as he considers projects in other former Soviet Union countries.
“I’ll be putting something in, but that has not been determined yet,” Trump said in an April 21 interview in the Georgian capital, Tbilisi. “For the job itself, it will be more than $100 million.”
Trump, who traveled to Georgia after a visit to Istanbul, unveiled the 47-story Trump Tower Batumi project with Georgian President Mikheil Saakashvili and partner Silk Road Group, one of the country’s biggest private-investment companies. A deal to develop the project was signed in New York in March.
“Batumi is becoming quite a place, it’s the best location, the Monte Carlo of the region,” Trump said. Silk road will be responsible for fundraising, he said.
Trump was approached by a Russian real estate developer a few months ago about “something very substantial in Moscow,” he said.
Georgia was ranked as the world’s third-fastest growing tourist destination last year, with a 39 percent increase in international arrivals, according to a March report by the World Tourism Barometer.
The country’s $11.6 billion economy grew about 7 percent in 2011, the statistics office said, citing preliminary data. Gross domestic product rose 8.8 percent from a year earlier in the fourth quarter.
To contact the reporter on this story: Helena Bedwell in Tbilisi at hbedwell@bloomberg.net
To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net
Donald Trump May Invest $100 Million in Georgia Resort Tower
Seyran Beroyan/AFP/Getty Images
U.S. real-estate developer Donald Trump, right, unveiled the 47-story Trump Tower Batumi project with Georgian President Mikheil Saakashvili, left, and partner Silk Road Group, one of the country’s biggest private-investment companies.
U.S. real-estate developer Donald Trump, right, unveiled the 47-story Trump Tower Batumi project with Georgian President Mikheil Saakashvili, left, and partner Silk Road Group, one of the country’s biggest private-investment companies. Photographer: Seyran Beroyan/AFP/Getty Images
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