Aparthotel in Gudauri – An Offer from Bank of Georgia and Red-Co

The Bank of Georgia, in cooperation with the development firm Red-Co, is offering its customers the opportunity to purchase an apartment in Gudauri with a 9% discount. The offer is in effect until 15 November. According to Red-Co, customers are getting the opportunity both to own a property at the resort and to recover the invested amount within 5-6 years by taking advantage of the development firm’s aparthotel system.

The Georgian tourism market is expanding on a daily basis, and the development of Gudauri reflects the growing number of tourists flocking to the ski resort.

Georgia will be hosting the 2023 Freestyle Skiing and Snowboarding World Championships, making ownership of real estate in Gudauri even more desirable. We spoke to the Head of Marketing Department at Red-Co Katia Absandze about the peculiarities of the aparthotel system and other details of the project.

- Can you describe to us the aparthotel system that is used by Red-Co in Gudauri?

Buying real estate is one of the most valuable investments people can make. As the tourism market in Georgia expands, property prices are going up. This trend is particularly evident in tourist hotspots. Subsequently, developers created a new type of real estate, called aparthotel, which combines the concepts of a residential apartment and a hotel. This is your home in a tourist resort which can bring you additional revenues. The aparthotel concept is widely used in developed countries. However, it is still relatively new in Georgia, and we are proud to be the leaders in this field.

- What experience does Georgia have with regards to aparthotels?

The aparthotel system has been expanding fast in recent years, especially in tourist resorts. They have become popular due to the development of the resorts themselves. The examples of Gudauri and Batumi show that infrastructural development and growing tourist numbers lead to the development of the aparthotel system. It is also important to point out that the general plan for our complex was designed by the Canadian firm Ecosign – a global leader specializing in the development of resorts.

- What are the advantages of purchasing an apartment in Red-Co aparthotels, and how does the company ensure that customers recover the cost of their investment?

Red-Co offers its property owners the following services: sourcing clients, managing bookings, receiving and looking after the guests, cleaning the apartments, maintaining the inventory and, if necessary, conducting repairs. Our system is very flexible, as most of our customers reside in Tbilisi or abroad. They do not have to worry about anything, while at the same time, their income substantially exceeds any potential income from bank deposits.

- What does it cost to purchase a property in one of Red-Co’s aparthotels in New Gudauri?

Prices vary depending on various factors, but on average, apartment prices start from $25 000.                                

- What role does Red-Co play in the development of Gudauri as a ski resort?

Red-Co has significantly contributed towards the development of the Gudauri ski resort, which is currently celebrating its 30th anniversary. Since its foundation, Gudauri has welcomed millions of tourists, and has established itself as one of the leading ski resorts in Eastern Europe. Based on the general plan, Red-Co will construct 26 buildings in Gudauri, which will include aparthotels, various recreational and entertainment centres, as well as several world-renowned hotel brands. We are collaborating with a large team of Georgian and foreign architects and designers, representatives of globally renowned hotel chains, as well as global project firms such as Ecosign, which devised the five-year general plan for Gudauri. The company’s business portfolio includes numerous projects, including the New Gudauri resort, where 8 aparthotels have already been completed, and a further 18 are planned.

- Does Red-Co have any other new offers or activities planned for the future?

Our busy season is about to begin, and we have numerous events and other novelties planned for our visitors. We will be announcing further details very soon.

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