Dutch investor sells hotel in Bucharest’s Old Town

Dutch investor Jerry van Schaik has decided to sell Hotel Rembrandt and Café Klein located in Bucharest’s Old Town, next to Romania’s National Bank headquarters, reports local Ziarul Financiar. The entrepreneur opened the hotel 11 years ago in an 80-years old building in Bucharest’s historical center. The Rembrandt boutique hotel has 16 rooms and together with Café Klein had revenues of almost EUR 450,000 in 2015. The hotel had an occupancy rate of close to 87% last year and an average daily rate (ADR) of EUR 74.1. Jerry van Schaik is looking to get at least EUR 350,000 for the business, some 7 times its current annual EBITDA. He also sold Grand Café Van Gogh last year, which he owned together with Dutch financial consultant Pieter De Ruiter. Grand Café Van Gogh is one of the most popular places in the Old Town. Jerry van Schaik was one of the first foreigners to invest in Bucharest’s Old Town some 11 years ago when this part of the city was very little developed. He is now looking to move out of Romania and focus on his tourism business in the Netherlands. He plans to bring Dutch and other foreign tourists to Romania, but says the country needs to invest in improving and promoting its image. editor@romania-insider.com (photo source: Rembrandt.ro)