The largest companies operating in Georgia published the financial reports for 2020. According to the report, Dhabi Group Georgia, owner of a 32-storey Biltmore Hotel, suffered a loss of GEL 57.9 million in 2020.
As of the financial report, the hotel revenue in 2020 was GEL 9.97 million, which is 75% (31.2 million) less than in 2019.
The document reveals that the reason for the hotel loss in 2020, along with the pandemic, was the revaluation of real estate assets, which had an effect of 18.5 million. In addition, the company had a loss of GEL 23.4 million from foreign currency exchange. The interest expenses of the hotel were GEL 15.2 million.
The hotel's direct operating expenses, as well as staff salaries and depreciation, amounted to GEL 12 million, so the hotel had a loss of 57.8 million.
The assets of the company amount to GEL 250.5 million. Sheikh Nahayan owns 66.3% of Biltmore Hotel.
