Entrepreneur Giorgadze: I only build things that few people can do
Graduated physicist, lawyer and doctor of economics, former soldier in Afghanistan and appointed Georgian Minister of Defense, politician, diplomat and advisor to President Eduard Ševardnadze with a straight adventurous biography, Georgian and Slovak Nodari Giorgadze chose Slovakia for his work from several options. In addition to the beautiful Slovak nature, the founder of the water park in Bešeňová was won over by good people, customs similar to those in his native country, and investment opportunities. After the construction of Bešeňová, he started building apartment houses, hotel business, business in energy, but he also returned to diplomacy, this time commercial and entrepreneurial. In Georgia, he is building similar or even bigger projects as in Slovakia, which open the door to Slovak investors, businessmen and politicians.
Why did you decide to live and do business in Slovakia?
Thanks to Lac. In 1993, the Georgian government and President E. Ševardnadze decided to send the country's ambassadors abroad. As the chief advisor to the president and deputy minister of defense, I came to Austria as part of a diplomatic mission. I also went to Slovakia and bought a cottage in Veľké Uherce near Partizánské.
Once in the winter, we went to that cottage for the weekend with my family and the family of my acquaintances from Austria. However, there was no water and by Friday evening the situation was desperate. The cottage is big, nice, but without water. Snow outside, minus ten degrees. A guy spotted me in a house about 70 meters from mine. It was Laco, the chief technologist at the local shoe factory. He selflessly saved us, disconnected his water and connected ours. That's when I said to myself that if I ever had to live somewhere other than in Georgia, it would be in Slovakia.
And finally it happened.
After the end of the diplomatic mission in Vienna, I was offered to return to my homeland and stay in Austria. At that time, however, the Bešeň project was beginning to develop promisingly, so Slovakia was a clear choice. In addition, Georgians and Slovaks are mentally close, we have similar traditions and customs.
Slovakia has a lot of wealth, forests, water, mountains. Well, the greatest wealth is the human factor. That is the heart of a person, good relationships, trust, honesty and willingness to help.
Your first project was the water park Bešeňová. Why that one?
At that time I was almost 50 years old, and until then I had worked for the state all my life. I wanted to prove that I could build something of my own without state support. At that time, the Bešeňová swimming pool was in a disastrous situation, burdened by foreclosures and huge debts. I suggested to the owners that I would take over all the debts and settle them. This is how I started developing the Bešeňová project. It was hard work. I bought it in December 2003.
How did it go?
Just then they opened Tatralandia, only 25 kilometers from Bešeňová, 28 hectares with excellent attractions, swimming pools, even a thermal one. It was a big challenge and a risk. But I believed in my project and philosophy, that the water park in Bešeňová will offer everything people need for undisturbed relaxation. Visits and sales increased gradually. Bešeňová eventually overtook Tatralandia and became a popular place for foreign, but what is important, also for domestic guests.
Why did you decide on the water park? Have you thought about connecting with an apartment hotel from the beginning?
No, I hadn't thought about apartments then. I actually bought Bešeňová by accident. I drove by and stopped there. That's when it occurred to me that I could buy Bešeňová and do business in this area. As a trained physicist, doctor of economics and lawyer, I wanted to see how I could handle this task. Immediately after buying the site, I visited twelve countries in Europe, America and Asia. I looked at different water parks and found out what the philosophy of their operation is, what it stands for and what people like.
And what did you find out?
The mindset is different in America, different in Europe, different in Asia. Well, all people have two hands, two legs, so I was looking for the most important thing on which it all stands.
In Slovakia, people used to go to inns, whole families with children gathered there. In order for them to move to the water park, there should be an environment where they can relax undisturbed and find all the services. The feeling of security that the child will not get lost and that the parents always have an eye on him is also very important. That's why we built Bešeňová in such a way that no one from the outside can get in or out without being checked. The accommodation part is built in such a way that a person can see the area and all the pools from his room.
Does this also apply to the new apartment hotel project?
Our latest project, which we opened in 2021, is the Akvamarin hotel – a nine-story four-star hotel with 235 apartments and studios directly connected to the water world. It is a project that people have loved. According to the European Association of Water Parks, the water park in Bešeňová has been among the ten best water parks in Europe since 2009. Even the new owners from TMR make sure that everything works perfectly.
Did you sell the water park as a whole?
I did not sell him, but as a child he gave away or married well. And like a good father, I check to see if everything is okay in the family. It looks like it's running great. Well, I didn't sell everything, I kept something in Bešeňová.
How long did it take to recoup the initial investment?
It became profitable in 2012. The real profit came two years after the financial crisis and Bešeňová is still generating it.
You say you kept some shares. Why?
I kept a certain part of the land, including the land on which the apartment hotel is built. We built apartments and sold a certain part of them so that we didn't have to take out a bank loan. So the entire construction was done with the help of the buyers' money. We started building in 2019 and continued even during the pandemic. It was difficult, but we were only three or four months late in handing over the building. Since then, we have fulfilled all the obligations we have towards apartment owners. Every quarter they all receive the returns we promised them.
How does the apartment house model work?
Already in 2008 and 2009, when we started building apartments in the water park, we launched a program with a simple offer - we will build the apartments, you will buy them, we will operate them, and 65 percent of the profit will go to you and 35 percent to us. You won't have any worries plus you'll earn something. And it worked great.
Did you use this principle in the case of Aquamarine?
There, we created a model based on the purchase of an apartment, with the fact that we give investors not a floating, but a guaranteed return of six to seven percent. An investor buys an apartment for, for example, 100 euros, from which he receives a guaranteed return every quarter without having to deal with anything. We run everything, we take care of heating, electricity, repairs, maintenance, and investors only receive a return. The most important thing is that, although they can also receive the return in the bank, at the end of the period they will only have money that has been devalued by inflation. In this case, they have real real estate, the value of which increases over time. In addition, the apartments can be used for themselves for a certain period of the year - up to 28 days if they are not occupied. At the beginning, the selling price per square meter was three thousand euros, the last ones already cost more than double.
After Bešeňová, you embarked on other projects. What made you do it?
A friend once showed me a mansion in Orlovo in Považská Bystrica, which was in terrible condition. A quarter of the roof did not exist, it leaked and nothing worked. There was an opportunity to buy the mansion. At first I didn't want to, but when I thought about it more, I thought, why not? I am a Georgian who came to Slovakia with empty pockets. I became a citizen of the country, an entrepreneur, I made money here. Why should I invest elsewhere? That's why I decided to buy the mansion and gradually slowly reconstruct it. I originally thought it would cost a maximum of three million euros.
Before the reconstruction, we did an architectural-historical survey, on which an international team worked, and thanks to which a historical book was created about the manor house from 1612, but also about the history of Považia in general. I was fascinated and decided that when I did the reconstruction, it had to be spectacular. That's why it cost between three million and twelve million euros instead. As a result, it turned out excellently, and in 2018 the mansion was among the 50 best boutique hotels in the world, and last year it became the best historic wedding hotel in Europe.
Does it make economic sense?
There are 47 rooms in the mansion. Friends ask me the same question as you - where is the economy? Well, not everything has to be about the economy. There is something about pride. That's how I returned the money I earned in the country. Before, monarchs and nobility gathered in the mansion, today normal Slovaks, Georgians, Hungarians, Poles and Czechs go there. We sit there and look at the beauty and say "praise be to God".
What does success mean to you?
Bešeňová runs fantastic, when you get there today, it's almost like a little Beverly Hills. It's just as fantastic in the mansion. A wonderful hotel, a beautiful English forest park, all this required a lot of money. But so far I have not met anyone who left this world and took money or possessions with them. And when someone left something behind, it was only a good name or the works he had built. That's success. Leaving something of value behind. For me, it's not just about selling, buying, making money. I only build things that few people can do. That's my hobby.
With your buildings, you also contribute to the prosperity of the place or region.
When doing business, it is also important who represents the municipality. For example, in Bešeňová, the mayor is Martin Baran. He is a fantastic very smart person who loves the community, people and wants to do something special for them. In the beginning, there were no good roads or lighting in the village. Together with him, we were able to make what is currently there. Previously, 375 people lived in the old part of Bešeňová and there were 127 registered buildings. Today, almost every house has a hotel or hostel with cafes or restaurants. Citizens are richer today, Bešeňová now has almost a thousand inhabitants. In addition to Bešeňová, for example, Liptovský Michal, Liptovská Teplá, Ivachnová and other villages are thriving. Together with the mayors of the surrounding municipalities and the mayors of the cities, we founded the tourist cluster of Liptov. I even organized an expedition of mayors to Georgia to get acquainted with colleagues from another country.
In Slovakia, you also do business in the field of gastronomy and energy.
I operate restaurant facilities in Apollo Center, Lakeside Park and Aupark. We tried to offer our own concept with an offer of Georgian and Italian specialties. I am also involved in photovoltaics, in Kamenično we built two photovoltaic power plants with a volume of four megawatts and one megawatt. In Ivachnova, we are preparing a large housing project on five hectares, it is to be a new village with all services. We want to obtain permits in the course of next year, and the implementation will be within five years.
However, you implement larger projects in Georgia. Why?
The reason is simple - much more needs to be done in Georgia than in Slovakia. Many things have already been built here. The European Union and European funds, the state, contributed a lot to this. The support was more than 50 billion euros, which is a huge help for the development of the economy and infrastructure such as roads and highways. Georgia is only now approaching it. It is where Slovakia was in the 2000s.
Therefore, now is the time to invest in Georgia. Today, plots of land can be bought for ten to twenty euros. Well, in a few years they will cost a hundred euros. And I'm not talking about the prices of materials and work. These are all parameters that need to be taken into account. Therefore, there is a huge chance to invest well in Georgia today. For example, we will build a small spa town on the territory of thirty hectares right next to the Tbilisi Sea. The spatial plan was approved in May 2024.
Can you tell us more about the biggest projects in Georgia?
The biggest project we are implementing there is Tbilisi Boulevard – Little Slovakia. There will be 29 square meters of buildings on 350 hectares. 60 million euros have already been invested in that area, and now we are starting the third stage – the Promenada hotel, which is something similar to the promenade near Eurovei. And we also invite Slovak investors there.
After the completion of the project, about four thousand people will live on the area of 29 hectares. The hotel capacity should be around 700 rooms. The water park, which can accommodate up to eight thousand people at once, will be expanded. Plus there is a congress center, a kindergarten, a school, a polyclinic, a spa town. On one side is the water reservoir, which the locals call the Tbilisi Sea, on the other side is the forest, on the third is the arboretum, and on the south side is the water park Gino Paradise Tbilisi and the five-star Gino Seaside hotel.
Do you have other projects in Georgia?
We are currently building the Gino Grand Hotel Tbilisi hotel complex in the historic center of Tbilisi. This building is also being built with purely Slovak investments. The Thermal boutique hotel in Bakuriani ski resort is also ready for implementation. There is snow from the end of November to the beginning of May. It has the best climatic conditions and the only place where there is a well with warm geothermal water. So we will have the only boutique hotel with thermal water in the region.
Probably the biggest investment, however, is Tbilisi Boulevard - Little Slovakia. What is his goal?
Little Slovakia will be created on the territory of 29 hectares in the capital Tbilisi. I, as a natural person and citizen of Slovakia, or my company own the entire plot of land. The investment was made with my money or my company's money, some support came from the Slovak eximbanka. We have already invested 60 million euros there and established several streets. One is called Liptová, the other is Bešeňová.
Košická, Žilinská and Banskobystrická streets will be added. So it is Little Slovakia. And that's why I invite Slovaks to invest in the third phase, which is at the level of 200 million euros. As Slovaks, we don't have anything similar in the world yet, but we should. We have an ambition, we earned it and we will definitely build it.
You recently welcomed a Slovak government delegation there, so your activity connects two countries, two business environments.
This year we celebrated the tenth anniversary of the first Slovak investment in Georgia, specifically in the water park. Since 2014, we have invested 110 million euros in projects in Georgia. That is why I asked the Slovak government to find time to come to Georgia and see what we are investing in. It is a feeling of pride when the Slovak flag is flying in Georgia, the building has a Slovak name on it.
After the meetings of the ministers of both countries, the government delegation visited the water park and got acquainted with its functioning. The Georgian government saw the interest of the Slovak government and increased its support. I thank the entire Slovak delegation for their support. This is a concrete example of cooperation between the government and business for the benefit of expanding the good name of Slovakia abroad.
So positive impulses bring positive results?
On each building, members of the government could see who built it. There is a Slovak flag on it and in addition the inscription "This is a Slovak investment". And where the construction was supported by eximbanka, also "Supported by eximbanka". And that is an important thing, because Germans, French, Indians, Chinese and Americans also go there. And when they see our flag, it's something every person can be proud of.
- dr. Nodari Giorgadze
- A native of Tbilisi, he studied physics and international law in the capital of Georgia. He completed his doctoral studies at the Academy of International Law and Economics in Moscow. After graduating, he worked as an engineer, serving in Afghanistan for two years. After his return, he worked as the head of the police in Tbilisi, later he became the acting minister of defense, a member of parliament, the head of the parliamentary party and an adviser to President E. Shevardnadze. Since 1993, he has served as the first ambassador in Vienna. As the head of the delegation, he represented Georgia in the Organization for Security and Cooperation in Europe and was the permanent representative of Georgia in the European headquarters of the United Nations in Vienna. He also worked as a general delegate for the countries of Central and Eastern Europe in the World Organization of War Veterans, based in Paris. He has been living in Slovakia since 2001, since 2003 he has been a citizen of the Slovak Republic, and since 2016 he has also been the honorary consul of Georgia in the Slovak Republic. He is an honorary citizen of Bešeňová and Tbilisi.