The Biltmore Hotel Tbilisi, located on Rustaveli Avenue, has a carrying value of approximately GEL 211.5 million, according to the 2024 financial statements of its owner, Dabi Group Georgia LLC. The hotel was recently acquired by Armenian businessman Karen Safaryan.
The property was previously owned by members of the UAE royal family. Dabi Group Georgia owns a 9,121 sq m plot at 29 Rustaveli Avenue, the historic IMELI building and a 36-story, 138-meter tower completed in 2016. The hotel has 216 rooms, along with event and meeting spaces, a spa and wellness complex, restaurants and a casino.
In 2024, Dabi Group Georgia generated GEL 29.4 million in hotel revenue, including GEL 21.55 million from room rentals, GEL 6.03 million from food and beverages, and GEL 1.84 million from other hotel services. Rental income from investment property added another GEL 6.04 million, bringing total company revenue to GEL 35.46 million. However, the company reported a GEL 9.86 million net loss, largely due to high financial costs.
The company had total liabilities of GEL 272.1 million at the end of 2024, including a GEL 257.2 million long-term loan from related company Dabi Contracting. The USD-denominated loan carries a 7.5% annual interest rate and matures in 2035, secured by the property on Rustaveli Avenue. In 2024, the company incurred GEL 11.97 million in interest expenses and a GEL 7.84 million net foreign-exchange loss. Separately, Safaryan’s Arins Group has agreed to acquire Terabank from the same investment holding, subject to approval from the National Bank of Georgia.
