USD 2 800 000 will be given to the company in exchange for the area allocated for the construction of the “Budapest” hotel in Vake Park. Such a statement made today the Mayor of Tbilisi.

“A building permit was issued in Vake Park years ago. For the first time, in 2013, when Gigi Ugulava became the mayor of the capital, he issued a zonal agreement on the construction of a multi-storey building in this area. In the same year, he made an agreement on a construction project, which provided for the construction of a 7 or 8-floor building.

Many people objected to this fact, those who love this city, who know how important recreational spaces for our city are. When the population elected me in 2017, we immediately announced that this project would not and could not be implemented. During this time, we were working on the mentioned issue. Today, the relocation has already been made. The compensation amount requested for the first time was 5 million 700 thousand USD. This was unacceptable to us and negotiations were ongoing.

The value of the plot, which we will transfer to this company as compensation, is 2 million 800 thousand USD, which is approximately 3 million USD less than the initially requested amount. This space has been returned to Tbilisi and I would like to instruct Andria Basilaia to properly arrange the said area. I know that the construction pit has been made here, and fences have been erected. Develop the project, and present to the public how this space will be returned to Vake Park”, - said Kakha Kaladze.