BAKU, Azerbaijan, Dec.11
By Tamilla Mammadova – Trend:
Georgian hospitality sector is in the worst shape since the outbreak of COVID-19, as evidenced by the government's first support packages and the amount of financial assistance provided to the sector in anti-crisis packages in the subsequent period,Trend reports via the National Statistics Office of Georgia (Geostat).
The volume of foreign direct investment (FDI) in Georgia also indicates the difficult situation of the HORECA sector.
According to Geostat, in the hotels and restaurants sector in the first 9 months of 2020, the FDI decreased by 76.6 percent or $87 million to $26.6 million.
According to the official information from Geostat, foreign investments made in the three quarters of 2020 by the TOP-20 investor companies in HORECA sector includes: GM Hotels Ltd; Dabi Group Georgia Ltd; Ras Al Khaima Investment Authority Georgia Ltd; Gudauri Ski Resort Ltd; Dreamland Oasis Ltd; Tbilisi Branch of JSC Turkish Airlines; Turinvest Ltd; Representation of JSC Nurol Insaat Ve Tijareti in Georgia; Rustaveli Property Ltd; Rittel Ltd; Brigitte Ltd; Astoria Ltd; Georgian Tourism Development Fund Ltd; Booking.com Ltd (Georgia); Lermont Ltd; Eleven.ge Ltd; Delta Georgia Ltd; JSC Metro Euphoria Hotel Batumi; Goldmine Ltd; Khotel Eleven Sky Ltd.
In the third quarter of 2020, foreign direct investment in the hospitality sector decreased by 78.2 percent compared to the same period of the previous year (3rd quarter of 2019 - $36.1 million) and amounted to only $7.9 million.
As for the top 20 investors, it is slightly different: GM Hotels Ltd; Dabi Group Georgia Ltd; Ras Al Khaima Investment Authority Georgia Ltd; Dreamland Oasis Ltd; Turinvest Ltd; Marie Group Ltd; Representation of JSC Nurol Inshaat Ve Tijareti in Georgia; Rustaveli Property Ltd; Astoria Ltd; Georgian Tourism Development Fund Ltd; French Baker Ltd; Lermont Ltd; Booking Center Branch in Georgia; Eleven.ge Ltd; Coffee Shop Georgia Ltd; Delta Georgia Ltd; TM Ltd; Goldmine Ltd; Orbi Ginza Ltd; Karafi Ltd.
In 2019, $120 million FDI was invested in the Horeca sector, and in 2018 - $82.3 million.
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