StockMarketWire.com - BGEO Group announced Tuesday that the group's real estate subsidiary, m2 Real Estate, has acquired an 8,512 square metre land plot in Telavi, Kakheti for US$1.5m to develop a hotel over the next two years.

The company said it intends to develop a hotel with approximately 130 rooms over the next two years. The hotel construction works will be carried out by the company's construction arm.

Irakli Gilauri, BGEO CEO said: 'I am pleased to see that m2 Real Estate has made yet another step towards its hotel development strategy to reach a capacity of 1,000 hotel rooms over the next three years. The Hotel, located in the heart of Georgia's wine region, will attract a growing number of tourists interested in Georgian wine, cuisine and hiking.'






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