Portfolio and Acquisitions Summary 2019
Private early
stage portfolio
Hospitality and commercial real estate business overview (cont'd)
GEORGIA
CAPITAL
Key highlights | 31 December 2019
Financial metrics (GEL millions)²
GEL millions, unless otherwise noted
31-Dec-19
NAV
LTM ROIC1
6.5%
31-Dec-18
Change
246
149
64.7%
NO1³ from operating leases
NO13 from hospitality services
Revaluation gain
16.0%
-9.5ppt
Total net Operating Income
Commercial real estate portfolio
2016
2017
2018
2019
3
3
5
2
28
2
31
42
42
68
129
62222
Change
40.8%
-6.1%
-21.5%
25
-19.8%
+90.3%
Gross yield (leased portfolio)
Occupancy rate
Leased area (sq.m.)
Selected operating metrics
Hotel rooms pipeline as of 31 December 20194
Target opening
2018
2019
Change
Hotel
Location
Rooms
date4
Current
Stage
Total Cost
US$ mln
9.9%
9.5%
-0.4ppt
Ramada Encore Kazbegi, Tbilisi
GUDAURI LODGE
Capital city
152
Q1-2018
Operational
12.1
Region
121
Q4-2019
Operational
16.0
90.1%
87.1%
-3.0ppt
22,331
34,212
53.2%
Ramada Melikishvili, Tbilisi
Kempinski, Tbilisi
Capital city
125
Q2-2020
Construction
13.5
Capital city
99
Q4-2020
Seti Square in Mestia, Svaneti
Region
52
Q1-2021
Ramada Encore FY19 performance
Ramada Kutaisi
Region
124
Q1-2021
Construction
Construction
Construction
26.4
4.9
9.4
Kakheti Wine & Spa
Region
60
Q2-2022
Construction
12.8
ADR, US$
62
Occupancy%
Shovi, Racha
Region
109
Q2-2022
Design
5.6
Mestia, Svaneti
Region
140
Q1-2023
Design
11.7
53.7%
Telavi
Zugdidi
Total
Region
110
Q4-2022
Design
15.6
Region
130
Q3-2023
Design
13.7
1,222
140.3
RevPAR, US$
33
(1) ROIC is calculated as NOI divided by aggregate amount of total equity and borrowed funds.
(2) Hospitality & Commercial real estate business' functional currency is US dollars.
(3) Net operating income.
(4) Target opening dates remain subject to adjustment following passing of the design stage.
(5) Target return on invested capital is calculated based on average stabilized EBITDA divided by total invested capital.
➤ Targeting to earn on average c.14% US$ dollar ROICS³ from hotels.
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