About Civil.ge
Eng | Geo | Rus
Last updated: 17:35 - 27 Jun.'17
RSS
Mobile
Twitter
Facebook
Trump Organization Ends Development of Trump Tower in Batumi
Civil Georgia, Tbilisi / 7 Jan.'17 / 20:45

The Trump Organization, Donald Trump’s property development company, and Silk Road Group (SRG), Trump Tower Batumi’s Georgian developer, issued a joint statement on January 6, announcing their decision to formally end the development of Trump Tower Batumi, a 47-storey luxury residential condominium in Black Sea resort town of Batumi, Georgia.

“[The parties] jointly announce their decision to formally end the development of Trump Tower, Batumi, … under the license agreement executed in March 2011,” the statement reads.

“Trump Organization continues to hold SRG and the Republic of Georgia in the highest regard,” the statement also noted.

The statement added that Silk Road Group, Georgian conglomerate with business interests in transportation, telecommunications, banking and property development, which acted as the Trump Organization’s local partner in Georgia, “is grateful to the Trump Organization for the time and attention they have dedicated to this project and fully understands the circumstances and accepts this request.”

“Going forward, SRG plans to build a luxury condominium tower along the Georgian Black Sea coast in Batumi and is confident that this spectacular project envisioned by Mr. Trump during his visit to the Republic of Georgia in 2012, will strengthen Georgia’s bid to become a global destination,” the statement concludes.

SRG was to use “Trump” name and mark under a license agreement concluded with the Trump Organization in March, 2011 in New York during a ceremony attended by then President Mikheil Saakashvili.

President Saakashvili and American property tycoon Donald Trump unveiled the Trump Tower project in Georgia’s Black Sea resort Batumi on April 22, 2012.

Saakashvili first met with Trump to discuss investment opportunities in Georgia in April, 2010. Saakashvili met with Trump again in New York in September, 2010. It was reported at the time that a memorandum of understanding was signed between the Trump Organization and Silk Road Group.

Initially, two Trump-branded towers were planned to be built in Georgia, another one in the capital Tbilisi, but eventually, the companies moved forward with Batumi project only.

Latest News
27 Jun.'17 17:35
CSOs: Georgia’s Democratic Future ‘at Risk’
A group of 32 Georgian civil society organizations issued an appeal to the international community.
27 Jun.'17 16:02
President Announces Tentative Date for Municipal Polls
Municipal elections will be held at the end of the third week of October, 2017.
27 Jun.'17 12:44
Government Hires Rasky Partners for U.S. Lobbying
Boston-based company will support Georgia’s outreach efforts to the Congress, U.S. administration.
26 Jun.'17 18:24
UNM Names Mayoral Candidate in Tbilisi
Zaal Udumashvili will be the mayoral candidate, while Nika Melia will compete for Sakrebulo chairmanship.
26 Jun.'17 16:59
PM Kvirikashvili on Kakha Kaladze’s ‘Interesting’ Political Plans
Energy Minister Kakha Kaladze will reportedly be the ruling party’s mayoral pick for Tbilisi.
26 Jun.'17 14:18
In Ramadan Messages, Georgian Leaders Reach Out to Muslim Community
PM, President and Parliamentary Speaker released statements on the occasion of Ramadan Bayram.
23 Jun.'17 16:05
40th round of Geneva International Discussions
Russia and Georgia spar over security.
23 Jun.'17 15:41
MPs Pass Constitutional Changes with First Reading
Amid the opposition’s boycott, amendments were unanimously adopted by the parliamentary majority.
23 Jun.'17 01:04
Moscow Cuts ‘Investment’ Funding for Tskhinvali
90% of South Ossetia’s budget for 2017 was subsidized by the Russian Federation.
22 Jun.'17 17:20
Crime Wave Stirs Public Outcry in Abkhazia
Public demands action to stop “lawlessness” in the region, authorities promise to investigate the cases.

About Civil Georgia
Civil.Ge © 2001-2017, Daily News Online
Registered office: 2 Dolidze Str, 4-th Floor.
55