Над Тбилиси строят курорт Radisson за $500 млн, и продают там не квартиры, а гостиничные номера. Разберите модель, а не рендер.

In February 2026, developers ORBI Group and BLOCK GROUP put detail behind one of the loudest projects in the capital: Central Park Towers on Kazbegi Avenue, pitched as Tbilisi's first fully integrated luxury resort. The numbers are large and, for once, mostly verifiable: a $500 million budget, around 140,000 m² of built area, two 42-storey towers over a shared podium, and 1,200 keys. Radisson Blu has signed to operate one tower; a second international hospitality brand is set to run the other. Structural work is done; interiors and the podium are underway, with completion targeted for 2027.

It is a genuinely ambitious building. It is also a very specific financial product, and the marketing leads with the first thing, not the second.

What you actually buy here

This is the part to slow down on. Central Park Towers does not sell traditional apartments. It sells private ownership of hotel rooms, each legally registered as a real-estate asset, inside a managed hotel. Each room earns its keep as part of the hotel's overall operation, and the total revenue is shared across all room owners.

That single sentence changes everything about how you should underwrite it. You are not buying a flat you control. You are buying a share in a managed hospitality business, wrapped in a title deed. The model has a name: a condo-hotel (or "investment hotel"). It is common worldwide, it is not a scam, and it suits a particular kind of buyer extremely well. It also behaves nothing like the Vake two-bedroom most foreign buyers picture when they hear "Tbilisi property."

The honest case for it

Let us be fair, because there is a real one.

A managed operator, not a landlord's second job. With a Radisson-class brand running the building, an overseas owner gets genuinely hands-off income. No tenants to chase, no plumber at midnight, no void-week management from another country.
A location and an anchor with real footfall. Kazbegi Avenue is prime Tbilisi, and the podium is built to pull traffic: a Harvey Nichols department store (reported at around 6,500 m², 200-plus brands), name restaurants, and a large event hall. Integrated resorts live or die on footfall, and this one is designed to generate its own.
Serious capital and a finished structure. A $500 million budget from two established Georgian developers, with the towers already topped out, lowers the rawest off-plan risk: the building exists. That matters.

For a specific buyer, the one who wants a branded, fully managed, hands-off income asset and is comfortable not controlling it, this is a legitimate product.

The honest caveats

Now the part the brochure will not lead with.

Pooled income means you do not control your own return. Your earnings depend on the whole hotel's occupancy, room rate and cost base, not on your specific room. Before you sign, read the pool contract line by line: the management fee, how operating costs are split, the exact formula for your share, the refurbishment reserve, and any blackout or personal-use rules. Any "projected" yield is an operator forecast, not a contractual guarantee. Underwrite it like a share in a managed fund, because that is closer to what it is.

Your exit market is thinner than for a normal flat. Remember the structure of this city: about 77% of Tbilisi buyers are Georgians buying a home to live in (we covered this in Tbilisi is selling more, renting for less). Those end-users do not buy condo-hotel rooms. When you resell, your buyer pool is mostly other yield investors, a narrower and more price-sensitive market than the family-driven demand under an ordinary apartment. Plan your exit before you plan your entry.

It is still off-plan, with a 2027 finish. Topped-out structure lowers risk; it does not remove it. You are paying now for keys, fit-out and a working hotel operation in roughly 18 months. Verify the title, the developer's delivery record, and what the contract says about delay penalties and your money if the timeline slips.

The $150k residency overlap needs checking, not assuming. Entry-level rooms have been quoted from around $150,000, which lines up with Georgia's new residence-by-property threshold of $150,000. A condo-hotel room is registered real estate, so it may well qualify, but "may" is not "does." If residency is part of your reason to buy, confirm in writing that this specific asset clears the bar before you treat it as a given.

The Dila read

Central Park Towers is a serious project, and a $500 million, Radisson-operated integrated resort is good news for Tbilisi's profile. We are not waving you off it.

We are telling you what it is. This is a hospitality investment, not an apartment. Judge it as a share in a managed hotel: read the operator contract before the render, build your numbers from the pooled-income formula rather than the headline yield, and price the thinner resale market into your exit. Do that, and it can be exactly the hands-off asset some owners want. Skip it, and you have bought a logo and a forecast.

If Central Park Towers is on your shortlist, talk to us before you sign. We are paid by you, not the seller.

Renders: Central Park Towers (ORBI Group / BLOCK GROUP). Sources: Georgia Today — Central Park Towers and the making of Tbilisi's first fully integrated luxury resort, eTurboNews — Central Park Towers: Tbilisi's first integrated luxury resort. General information, not investment advice.