Investor sells hotel in Romania at half the acquisition price

Investor Josef Goschy wants to sell the seaside hotel complex Amfiteatru Panoramic Belvedere located in the Olimp seaside resort, for EUR 15 million, reports local Profit.ro. He paid double this sum to acquire it in 2008. A luxury hotel during the Communism era, the hotel complex had 770 rooms and little glamour when Goschy bought it from local investment fund SIF Transilvania and The Romanian Authority for State Assets Recovery (AVAS). The hotel complex required investment of about EUR 20 million but Josef Goschy invested only EUR 1 million. In 2012, he tried to sell the hotels for EUR 60 million. He dropped the price to EUR 30 million in the following years, as no one showed interest. The investor is now willing to sell the hotel complex with EUR 15 million. Goschy also owns the Belvedere hotel in Cluj, the Moldova hotel in Iasi, and the Amfiteatru and Comandor hotels in Mamaia. editor@romania-insider.com (photo source: Hotel Belvedere Amfiteatru on Facebook)