Tbilisi's Rike Tubes sold again – Hotel construction planned

Rike Tubes in Tbilisi’s Rike Park, near Europe Square, have once again changed ownership. Businessman David Khidasheli sold the property to the company “Rike Dome,” which was then purchased by “Macro Property.” The new investor, Macro Property, now has the right to dismantle the structures and build a hotel in their place.

According to public records, the companies “Rike Dome” and “Macro Property” were registered just days before the sale. “Rike Dome” was established on April 24, and “Macro Property” the next day, April 25. Both companies are managed by Mikheil Tkheshelashvili, who is also linked to the business operations of millionaire MP from the ruling party Georgian Dream, Giorgi Barvenashvili.

The agreement was notarized by Nino Matuashvili on June 3. The sale includes the Rike Tubes and a 14,591-square-meter land plot for a total price of $2,840,000. However, the contract also reveals that the previous owner of “Rike Dome” (LLC N.G.B.) had not yet paid the 10 million GEL owed to businessman David Khidasheli. The sum is to be paid in three installments by September 1 by the company GLOBAL VICTORY TRUST.

To be officially registered in the public registry, the new owner, Macro Property, must complete the full payment of $2,840,000. As of June 6, only the equivalent of $2 million in Georgian lari (5,463,600 GEL) has been paid. The buyer has until the end of the month to settle the remaining $840,000.

The future of the Rike Tubes remains in question as ''Macro Property'' plans to replace them with a hotel, transforming one of Tbilisi’s central and most tourist-friendly sites.