10.Feb .2021 11:30

How much revenue did Ivanishvili’s Paragraph receive before the pandemic?

How much revenue did Ivanishvili’s Paragraph receive before the pandemic?
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The five-star Hotel Paragraph, built by Tourism Development Fund on the Black Sea coast, was officially opened in April 2018. Tourism Development Fund is founded by Bidzina Ivanishvili.

The 220-room hotel belongs to Autograph Collection, which is a group of independent upper-upscale to luxury hotels within the Marriott International portfolio.

Legally, Black Sea Resorts Group owns the assets of the hotel. According to the financial report, the hotel’s total revenue has made up 26,961,000 GEL, which is 27% up comparing to the same period of the previous year.

The hotel’s revenues by individual categories are as follows:

• Earnings from renting hotel rooms – 15,813,00 GEL; growth 17% y-o-y;
• Earnings from the food sales – 6,968,000 GEL, growth 22.8% y-o-y;
• Earnings from the beverage sales – 2,804,000 GEL, growth – 167% y-o-y;
• Earnings from Wellness and SPA Center – 1,094,000 FEL, growth – 30% y-o-y
• Earnings from operating lease – 91,000 GEL
• Earnings from various departments of the hotels and other revenues – 55,000 GEL.

According to the audited reports, the prime cost of the offered services was more than the income and the hotel had a loss of 4,195,000 GEL in 2019.

The total value of the company’s assets amounts to 68,094,000 GEL.