Branded mid-scale and upscale outside Tbilisi: Batumi has towers but few operated hotels; the ski resorts have beds but little quality; Kakheti has boutique demand and small supply.

Acquisitions of operating hotels start around $2M to $5M; development with an operator runs from $10M. Branded residence units start far lower but are a property purchase, not a hotel investment.

Yes, through a Georgian company or directly, for non-agricultural land. Agricultural land needs a different structure.

Under the standard regime: no corporate tax until distribution, 15% on distribution, 5% dividend withholding before treaty relief. VAT at 18% applies to room revenue.