The five-star Biltmore Hotel located on Rustaveli Avenue in Tbilisi has been sold, according to an announcement from AGE S.A., a holding company belonging to Armenian businessman Karen Safaryan and part of Arins Group.
Since its establishment, the Biltmore Hotel had been owned by members of the United Arab Emirates royal family, primarily Sheikh Nahyan Mabarak Al Nahyan.
According to the business registry, he held a 66% stake, Sheikh Mohamed Bin Bouti Bin Hamed Al-Hamed owned 20%, and Sheikh Suroor Bin Mohamed Bin Khalifa Al Nahyan held 13.5%.
The Biltmore—officially LLC Dabie Group Georgia—owns a 9,121-square-meter land parcel at 29 Rustaveli Avenue, which includes the historical IMEL building and a 36-story, 138-meter tower built in 2016. The hotel features 216 rooms along with event/meeting spaces, a spa/wellness center, restaurants, and a casino.
Financial Performance (2024)
Total Revenue: 35.46 million GEL
Hotel Operations Income: 29.4 million GEL
Room Rentals: 21.55 million GEL
Food & Beverage: 6.03 million GEL
Other Hotel Services: 1.84 million GEL
Property Rental Income: 6.04 million GEL (primarily generated from leasing space to the casino)
Net Result: A net loss of 9.86 million GEL, driven by high financial expenses.
Acquisition Scope & StrategyIn addition to the Biltmore Hotel, Arins Group has agreed to acquire TeraBank from Sheikh Nahyan Mabarak Al Nahyan’s investment holding. The transfer of the bank's shares remains subject to approval by the National Bank of Georgia.
Arins Group noted in a statement that these acquisitions represent a core milestone in its international expansion strategy:
"The agreement to acquire TeraBank JSC and the Biltmore Hotel Tbilisi is part of the holding's strategic development aimed at expanding operations into European and international markets, furthering service development, and deepening regional economic ties.
Georgia was selected as a priority market for regional expansion due to its strong economic growth dynamics, sustainable and balanced macroeconomic policy, and efficiently functioning financial sector. Expanding into a neighboring country is a logical step forward for a growing company.
The acquisition of TeraBank JSC will create significant opportunities to strengthen support for small and medium-sized enterprises (SMEs) in Georgia, expand corporate banking services, and further develop retail banking.
The five-star Biltmore Hotel Tbilisi, considered one of the city's landmark buildings, represents a strategic investment in the tourism sector for the holding. This investment underscores AGE S.A.'s long-term commitment to Georgia and its readiness to support the country's economic development.Completion of the transaction is subject to regulatory approvals and the fulfillment of standard legal procedures," the statement read.
