Kazakh Investors Launch Privatization of Hotels in Adjara

Yerkin Tatishev, First Deputy Chairman of the Management Board of the Kazakh Bank TuranAlem, said at a joint news briefing with Chairman of Adjarian Government Levan Varshalomidze in Tbilisi that Kazakh investors have invested USD 100 million to purchase over 20 hotels in the Adjara Autonomous Republic.

Varshalomidze said that the construction of new hotels will be launched in Adjara’s Black Sea resorts starting from 2007.

“The years 2007-2008 will be a period of development of the tourist infrastructure in Adjara… The Bank is committed to keeping the primary profile of privatized facilities,” Varshalomidze said.