Company that Owns Biltmore Tbilisi Lost $58 Million in 2020
The largest companies operating in Georgia are publishing the financial indicators for 2020. Among them is Dabi Group Georgia Ltd, which owns a 32-storey Biltmore Hotel on Rustaveli Avenue. According to the audited financial report, one of the highest level hotels in Tbilisi lost 57.9 million in 2020.
According to the financial report, the hotel revenue in 2020 was 9.97 million GEL, 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 and assets, which had an effect of 18.5 million, with the loss from foreign currency conversion was 23.4 million GEL. The interest expenses of the hotel are 15.2 million GEL.
The hotel's direct operating expenses, as well as staff salaries and depreciation, amounted to GEL 12 million, causing the company to lose GEL 57.8 million.
Sheikh Nahayan owns 66.3% of Biltmore Hotel. The assets of the company amount to GEL 250.5 million.