The luxury hotel Paragraph Tbilisi has published its financial report for 2024. The 220-room property, located on Freedom Square in Tbilisi, opened in 2023 and is owned by the Tourism Development Fund, founded by Bidzina Ivanishvili and Ekaterine Khvedelidze.
According to the report, the hotel generated GEL 27 million in revenue in 2024. However, the income was not sufficient to cover operating expenses, resulting in a GEL 13 million net loss for the year.
Revenue breakdown by segment:
- Room revenue: GEL 14.2 million
- Food sales: GEL 6.6 million
- Beverage sales: GEL 2.5 million
- Spa and wellness services: GEl 1.6 million
- Other segments: GEL 2 million
The hotel’s largest expenses included GEL 10.7 million in salaries and another GEL 10.7 million for consumable supplies. Lease payments amounted to GEL 5.4 million, paid to the affiliated company Tbilisi City. Utility expenses totaled GEL 3 million, while Marriott franchise fees reached GEL 941,000.
The hotel complex’s total assets stand at GEL 334 million, with liabilities amounting to GEL 67 million.
