Romanian investment fund decides to sell DoubleTree by Hilton hotel in Oradea
Upon a long list of arguments, SIF Banat-Crisana, the owner of a hotel in Oradea operating under DoubleTree by Hilton label since 2009, decided to put it up for sale.
The lack of a predictable outlook for the HoReCa industry under the volatile pandemic situation, the lack of personnel (who migrated to more stable industries during the pandemic), the significant level of fixed costs involved, and the net operating result accumulated since its launch are some of the arguments outlined by SIF Banat-Crisana.
The investment fund launched the hotel under DoubleTree by Hilton label in 2009, after a EUR 15 mln investment.
“In the economic context presented above, the activity of hotels in the portfolio of SIF Hotels was severely affected by the crisis generated by the pandemic, a situation brought to the attention of shareholders by the company in the periodic reports published in 2020 and 2021. Following an in-depth internal analysis operated under the DoubleTree by Hilton brand [...], the proposal to sell the DoubleTree by Hilton Oradea hotel, together with all movable property, is submitted to the shareholders for approval,” reads a report by SIF Banat-Crisana to shareholders, quoted by Profit.ro.
The evaluation of the Doubletree by Hilton Oradea hotel is to be carried out through a report drawn up no more than three months before the approval of the transaction price with the potential buyer.
(Photo source: Hilton.com)