30.Mar .2023 19:00

How Much Revenue Does Ivanishvili's Hotel Paragraph Have?

How Much Revenue Does Ivanishvili's Hotel Paragraph Have?
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Bidzina Ivanishvili's Tourism Development Fund officially opened the five-star Hotel Paragraph on the Black Sea coast in April 2018.

The 220-room hotel belongs to the high-class franchise brand Autograph Collection.

Legally, the hotel management company is called Black Sea Resorts Group. The company has published its 2021 financial statements due to the extraordinary value of its assets.

According to the document, the total revenue of the hotel was GEL 35,060,000.

Hotel’s revenues are distributed by individual categories:

• Proceeds from renting hotel rooms - GEL 20,414,000;
• Proceeds from the sale of food - GEL 10,579,000 ;
• Proceeds from the beverages - GEL 1,920,000;
• Gain from Spa & Spa Center - GEL 1,746,000;
• Proceeds from other income - GEL 401,000

As of the audited reports, expenditures made on the services amounted to GEL 26 billion.

The document reads, that the group pays a franchise fee to Marriott International annually. The fee is variable and depends on the rental income of the rooms. "During 2021, the expense was GEL 8.7 million," the report said.

The owner of the hotel took a net profit of GEL 858,000 in 2021.