The FINANCIAL — The recovery of Georgia’s tourism legs behind the worlds’ figure and posted 80% recovery in 2023 compared to 2019, according to TBC Bank. The region’s volatile geopolitical situation is noticeably shaping the trajectory of tourism development in Georgia. There is considerable potential for further growth in demand, primarily because the recovery still lags behind the levels observed in 2019.
In 2023, revenue from travelers remained high compared to the 2019 level. However, the recovery of international travel receipts slowed down, reaching 128% and 127% in the third and fourth quarters of the year, respectively, compared to the robust 138% recovery rate in Q1 2023. Additionally, revenues in Q4 2023 were lower compared to the same period in 2022.
The demand for hotels remains robust, particularly for high-budget establishments. In 2023, high-budget hotels witnessed a significant recovery, achieving an average occupancy rate of 57%, reflecting a notable 7-percentage point increase from 2022. A moderate increase of 4% in the occupancy rate is anticipated for 2024.
Furthermore, the hotel industry experienced a remarkable recovery, with the average daily rate (ADR) in large hotels surpassing pre-pandemic 2019 levels by 103%.
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