Posted: 1 year ago
Under COVID Pressure, Georgian Real Estate Company “Conserves” Several Projects
Georgian Real Estate Company plans to conserve certain hotel construction projects amid the pandemic, the company’s annual report reads.
The company management has taken several steps for smoothing the COVID-19 pandemic effects, including restructuring credit conditions, employing the unused credit line, attracting new financial resources, and curbing an outflow of money resources by conserving certain projects.
At the same time, the Group has not suspended apartment residential construction projects.
Georgian Real Estate Company owns hotels in Tbilisi and regions. The company is represented by its subsidiaries in the Hospitality Industry: M2 on Melikishvili, M2 Kutaisi, M2 on Mtatsminda, M2 Zugdidi, M2 Svaneti, Kakheti Wine and SPA, Gudauri Logi, N2 Resort, M2 Hatsvali, Amber Group, Georgian Hotels Management Group, and JSC Lister.
The Group ended the year of 2019 in losses of 2.4 million GEL, after the 27.7 million GEL profits in 2018.
The company’s operational profits amounted to 12.7 million GEL n 2019, after 37.93 million GEL operational profits in 2018.