21.Oct .2020 15:15

How much income Crowne Plaza Borjomi had before pandemic?

How much income Crowne Plaza Borjomi had before pandemic?
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Crowne Plaza Borjomi published financial report for 2019. According to the report, hotel income was up by 1.1 million GEL and amounted to 11.15 million GEL in 2019. Moreover, net profit of Crowne Plaza Borjomi totaled to 772 thousand GEL last year.

In more detail, the revenues of "Crowne Plaza" in 2019 were as follows:

• Hotel rooms - 6.42 million GEL;
• Bar and restaurant - 3.9 million GEL;
• Spa and other wellness services - 0.8 million GEL.

According to the company's financial report, the main expense for the hotel in 2019 was staff salaries, which amounted to 3.2 million GEL. However, significant expenses also included utility costs, which exceeded 0.7 million GEL, license fee amounting to 660 thousand GEL and repair costs - 500 thousand GEL. It should be noted, that the depreciation expense for the hotel amounted to 1.5 million GEL.

As of December 31, 2019, the hotel assets were 28 million GEL.