Part of our
Kobuleti investment guide
.
“Reserve a unit” and “receive your first rental payment” can be separated by several years and a half-dozen distinct stages — most of which never get mentioned in the marketing brochure. Here’s the realistic sequence for a pre-completion project like Grand Millennium Kobuleti.
The stages, in order
Stage 1
Reservation
A refundable or partially refundable deposit secures a specific unit at its current pre-sale price and takes it off the market. This locks in pricing before further construction progress or demand typically pushes it higher.
Stage 2
Contract and payment schedule
A formal sale-and-purchase agreement replaces the reservation, spelling out the full payment schedule — typically a series of installments tied to construction milestones rather than one lump sum.
Stage 3
Construction and staged payments
Payments continue as the building progresses. This is the highest-risk window for delivery risk (covered in our
Guide 01 risk factors
) — delays and cost overruns are more likely here than at any other stage.
Stage 4
Practical completion and handover
The unit is finished and legally transferred to you, typically triggering the final payment. Title registration through Georgia’s Public Registry happens around this point.
Stage 5
Rental program enrollment
Your unit is furnished (if not already turnkey) and enrolled in the hotel’s rental program under whichever operator terms were finalized — this is where the guaranteed-yield or revenue-share structure actually activates.
Stage 6
Ramp-up period
New hotel inventory rarely runs at full occupancy from day one. Most rental programs build in a ramp-up window before performance reflects the property’s mature, steady-state rate.
Stage 7
First rental income
Payments begin on whatever schedule your contract specifies — commonly monthly or quarterly. This is also the point where you can finally compare the actual number against what was originally advertised.
Where the real uncertainty sits
Stages 3 and 5 carry the most genuine risk. Construction delays are the most common way a project’s timeline slips, and they’re largely outside your control once you’ve bought in — which is exactly why checking a developer’s completed track record matters more than any rendering. Stage 5 carries a different kind of uncertainty: as covered in our
guide to guaranteed yield programs
,
the terms that activate at this stage may not be finalized at the time you reserve, which means you’re committing to a timeline before you can see the exact structure you’re committing to financially.
What to ask before you reserve
-
What’s the contractual completion date
— not a marketing estimate, but the date written into the sale agreement, and what happens if it’s missed. -
What triggers each payment installment
— a fixed calendar date, or a specific, verifiable construction milestone. -
How long is the ramp-up period
before rental income is expected to reach steady state, and is that estimate from the developer or the actual operator. -
What happens if the rental program isn’t finalized by handover
— do you have a fallback, or is your unit simply unenrolled until terms are set.
This applies directly to
Grand Millennium Kobuleti
and builds on the risk factors covered in
Guide 01
.