M2RE III-Ramada II (IFC-38622)

  • Georgia
Where the impacts of the investment may be experienced.
Specific Location
Tbilisi and Kutaisi
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
The holder of the loan, grant, or other investment.
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 12.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 26.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 8, 2017

Disclosed by Bank Jan 25, 2017

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Project Description
The proposed investment will comprise construction of 2 budget hotels in Georgia under the “Ramada Encore” brand: (i) 125-room hotel and 18 residential housing units in Tbilisi, and (ii) 100-room hotel in Kutaisi (together the “ Projects”). The hotels will be designed and constructed under franchise agreement with Wyndham Hotel Group, and operated under management agreement with Sophos Hotels, an independent Swiss company which is active in hotel management. The total project cost of 2 hotels and 18 residential units will be approximately US$26M, and IFC is considering a senior A loan of up to US$12M for the projects. The projects will be implemented through newly created special purpose vehicles (SPVs or the Borrowers) to be sponsored by M2 Real Estate (“M2RE”, the “Sponsor”), a leading Georgian real estate company, which was established in 2006 by JSC Bank of Georgia (BoG), an existing IFC client.
Investment Description

Contact Information
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