AGE S.A., a Luxembourg holding company that is part of the Armenian financial group Arins Group, has acquired 100% of the assets of the 5-star Tbilisi Biltmore Hotel and TeraBank from the Arab Dhabi Group. This transaction represents one of the largest commercial banking deals in Georgia. According to company representatives, "Georgia was chosen due to its priority regional economic growth, rising and stabilizing macroeconomic policy, and effective financial sector supervision." The Biltmore Hotel, located in the heart of Tbilisi, is a historic landmark of the city, including a restored IMEL building (a 1930s architectural monument designed by Alex Shchusev) and a 138-meter steel skyscraper.