P&C Insurance and Beverages Business Financial Overview
Hospitality and commercial RE business | commercial portfolio
& hotel portfolio highlights
Commercial portfolio breakdown | 31-Dec-19
■Retail
14%
6%
■ Office
40%
40%
Hotel Rooms by stage
■Industrial
■Residential
US$ millions
Commercial portfolio growth
77.3%
45
56.8%
10
25
16
8
35
6
17
10
31-Dec-17
31-Dec-18
31-Dec-19
Property Cost
■Revaluation
Progressing against the 1,222 hotel room portfolio
Operational - 22%, Under construction - 38%, Design stage - 40%
Construction stage
Ramada Melikishvili, Tbilisi
Kempinski, Tbilisi
Construction stage
Seti Square Mestia
Ramada Kutaisi
Construction Stage
Kakheti Wine &Spa
Design Stage
Shovi, Racha
Telavi
Design Stage
Mestia, Svaneti
Zugdidi
270
Operational Stage
Ramada Encore Kazbegi
Gudauri Lodge
176
224
279
1,222
273
2019
2020
2021
2022
2023
2023
Hotel rooms by type
Luxury Hotel,
8%
Budget Hotel,
13%
Business
Hotel, 20%
Resort Hotel,
59%
65 68
72
US$ millions
GEORGIA
CAPITAL
Commercial portfolio growth
45
6
25
16
4
39
21
15
31-Dec-17
31-Dec-18
31-Dec-19
Leased
Vacant
Key performance metrics of hotels | Tbilisi
68 64
144
136132130
119
94 92 95
88
76
Occupancy Rate (%)
ADR(US$)
Source: STR
2015
RevPar(US$)
2016 2017 2018 2019
45 51 51
33 36
Revenue(US$mln)
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