Ascott has secured a management contract from Amtel Properties Development for a new serviced residence in Georgia, making it the first international serviced residence company to enter the country. To be named Citadines Tbilisi Freedom Square, the 65-unit property is expected to open in the second half of 2008.

Georgia is bordered on the north by Russia, the south by Turkey and Armenia, and the east by Azerbaijan. The country is seeing increasing business travellers and with its rich cultural and historical heritage, Georgia has a strong tourism appeal.

Citadines Tbilisi Freedom Square is centrally located in the heart of town and is within walking distance to cafes, restaurants and supermarkets. The seven-storey property brings Ascott’s European portfolio to over 5,600 units in 49 properties.