Tbilisi’s $500m Gamble: Central Park Towers Rewrites Real Estate Georgia

A new category of urban resort arrives in Tbilisi

For investors watching the real estate Georgia market, Central Park Towers is impossible to ignore. With an announced budget of $500 million, 1,200 hotel keys, and roughly 140,000 sq m of built area, the project promises an integrated hospitality and retail environment that aims to change how high-end property functions in the country.

This is not a conventional condo tower or a standalone five-star hotel. The developers say it will be the first fully integrated resort in the Caucasus, combining hotel operations, private ownership of hotel rooms, luxury retail, multiple global dining concepts, wellness facilities, and a large-scale events hall within one continuous complex on Kazbegi Avenue. That scale and the novel ownership model invite both interest and questions from buyers and investors.

What this coverage offers

We examine the plan, the commercial logic, the ownership model, construction progress, and what buyers and investors should test before committing capital. We want to move beyond the marketing and focus on practical implications for real estate investment in Georgia.

Project overview: scale, ambition, and the basic numbers

Central Park Towers is being developed by ORBI Group and BLOCK GROUP. The headline facts are clear and repeated in project materials:

• Total investment: $500 million
• Built-up area: approximately 140,000 sq m
• Hospitality program: 1,200 rooms
• Harvey Nichols store area: 6,549 sq m
• Event hall area: 5,168 sq m, capacity up to 4,000 guests
• Structural works for the main towers are complete and interior/podium works are underway, with full completion scheduled for 2027.

These are substantial metrics for Tbilisi. For context, the combination of a large international retailer, global F&B brands, and a hotel-room-ownership model places Central Park Towers closer to a mixed-use urban resort than to the fragmented hospitality stock currently found across Tbilisi.

Design and program: how the complex will operate

The project is arranged as two towers above a multifunctional podium. The podium is the operational heart. Below grade are parking, back-of-house logistics, and service access. Above grade the podium will host retail, restaurants, wellness zones, entertainment spaces, and the large event hall. The towers will contain hotel rooms, hospitality areas, rooftop venues, and a limited number of private penthouses.

Key programming choices include:

• A continuous vertical and horizontal flow designed so guests can move from gym and spa in the morning to retail and meetings midday and dining and nightlife at night.
• A retail anchor in the form of a Harvey Nichols store covering 6,549 sq m and offering over 200 brands.
• Multiple international dining concepts including Cafe Angelina, Beefbar, Chotto Matte, Roberto’s, Panorama, and the Rumba cigar lounge.
• A rooftop beach club and rooftop spa with open pools intended to operate as daily social venues.
• Entertainment facilities including a private Le Cabaret Nightclub and gaming/entertainment zones under international management.

The guiding idea is continuity of use across time and levels: a 24-hour environment where different zones are active at different times of the day. That model has worked in large urban resorts elsewhere, but it relies on steady footfall, strong event programming, and a critical mass of local and tourist demand.

Ownership model and hotel-room sales: what investors need to know

One of the most notable features is the sale of hotel rooms as real estate assets. The model is described as follows: private buyers can purchase rooms that are legally registered as property. Those rooms will then be pooled within the hotel operation and generate a share of hotel revenue according to the management agreement and revenue-sharing formula.

The project already has a signed operator agreement with Radisson Blu for one tower; a second international brand is to be announced. For buyers, several implications follow:

• Title clarity. Buyers must confirm the precise legal form of ownership, how rooms are titled, and the transferability of those titles in Georgia’s registry. We recommend independent title searches and verification of cadastral records.
• Management agreement. Returns depend on the hotel operator’s contract terms, the revenue-sharing mechanism, the fee structure, and reserve funds for maintenance. Demand clauses, brand standards enforcement, and exit rights are material.
• Cash flow variability. Hotel income is cyclical and sensitive to tourism flows, corporate travel, and large-event calendars. The owners of individual keys will effectively be exposed to operational performance rather than fixed yields typical of leaseto-investment models.
• Liquidity. Secondary market liquidity for individually owned hotel rooms in Georgia is untested at this scale. Buyers should assess exit options and resale track record for comparable projects.

In our analysis, the model can produce attractive passive income when the hotel achieves strong occupancy and ADRs, but it transfers operational risk to room owners. That risk is mediated by brand reputation and management quality, but it does not disappear.

Retail and food & beverage: the commercial anchors

Securing Harvey Nichols for the podium is a major commercial coup. The store will be the first Harvey Nichols in Georgia and is designed by Studio Four IV of London. With 6,549 sq m and more than 200 premium and luxury brands, the store aims to anchor the podium’s retail program and attract both tourist and local high-spending customers.

F&B programming is extensive and deliberately global. Highlights listed by the developers include:

• Cafe Angelina: Parisian café and pâtisserie culture
• Beefbar (Monaco): premium steak and international cuisine
• Chotto Matte (London origin): Nikkei cuisine plus a rooftop nightclub on levels 41 and 42
• Roberto’s (Dubai origin): Italian and Mediterranean dining
• Panorama: Georgian-inspired fusion with terrace views of Kazbegi Avenue
• Rumba: Cuban cigar lounge on the podium rooftop

These brands are meant to create a layered dining ecosystem that supports morning-to-night activity. But retail and F&B success will hinge on more than brand names. Rent structures, catchment-area spending power, and tourist seasonality will determine performance.

Events, wellness, and entertainment: a larger role in the city’s calendar

The project includes a 5,168 sq m event hall across the podium’s second and third levels, designed to host up to 4,000 guests.