The state-owned hotel Borjomi Likani International has published its 2024 financial report, revealing that it continues to operate with heavy losses. The company’s net loss increased by GEL 1 million compared to the previous year, reaching GEL 10.7 million.
According to the report, the hotel generated GEL 15.3 million in revenue in 2024, which was GEL 1.1 million more than in 2023. However, this growth was not enough to offset its expenses. Major costs included GEL 4.2 million in salaries, GEL 2.4 million in supplies, GEL 1.4 million in depreciation, GEL 3.3 million in other operating expenses, and a notably high GEL 11.3 million in financial costs. Over the years, accumulated losses have reached GEL 87.7 million.
The hotel’s total liabilities stand at GEL 43.2 million, while assets total GEL 52.1 million. In 2024, the 151-room property improved its average occupancy rate to 56% (a 2% increase), serving 64,356 guests. The average revenue per guest per night rose to GEL 257, up by GEL 12 year over year. Income streams included GEL 8 million from rooms, GEL 6 million from food and beverage, GEL 1.3 million from spa services, and GEL 143,000 from other activities.
Notably, the property has failed to attract buyers in previous privatization attempts. In 2020, the Partnership Fund (now the Georgian Development Fund) tried to sell the hotel via auction, initially asking $37 million and later reducing the price to $30 million, but both auctions ended without a buyer.
