Three five-star hotels are operating under the Radisson brand in Georgia, one of them is located in Tbilisi, the second in Batumi and the third in Tsinandali. Two of them - "Radisson Blu Iveria" and "Radisson Blu Batumi" are owned by the company "Georgian Hotel Management Group". The company has published an audited financial report for 2019, which shows the revenues and expenses of hotels.
According to the report, hotel revenue increased by 2.4 million GEL during 2019 and it reached 57.8 million GEL. However, the company's net profit of 3.56 million GEL decreased to a loss of 13.4 million GEL in 2019. According to the document, the loss was related to increased financial costs.
In more detail, Radisson Tbilisi and Batumi revenues in 2019 were as follows:
• Revenue from rooms and conference halls - 37.2 million GEL;
• Sale of food and beverages - 16.1 million GEL;
• Spa and other health services - 1.9 million GEL;
• Revenue from events - GEL 0.93 million;
• Income from other activities - 1.56 million GEL.
In 2019, the reason for the loss was increased financial costs, including exchange rate losses of GEL 11 million, however interest expenses on lease liabilities amounted to GEL 16 million.
As of December 31, 2019, the assets of Georgian Hotel Management Group were GEL 246.7 million.
According to the report, the average hotel occupancy rate increased by 3.8% to 70.8% last year.
However, the ultimate owner of the company is Silk Road Group.
Record revenues was fixed for the tourism sector in 2019. However, 9 million visitors (including 5 million tourists) spent $ 3 billion in Georgia.
