Majority shareholder values Bucharest's five-star Radisson Blu hotel at EUR 175 mln

The five – star Bucharest hotel Radisson Blu was evaluated by its majority shareholder Elbit Imaging at some EUR 175 million, according to a recent report. The Israeli shareholder Elbit Imaging owns 77 percent of the shares in Bucuresti Turism, the local company that owns the hotel. The market value was calculated according to the capitalization of cash flows. Taking out the EUR 71.5 million loan Bucuresti Turism has ongoing, the net value would be of EUR 103.5 million. The 424 – roomed hotel complex also includes 294 apartments, retail spaces and a casino, which makes Radisson Blu the largest five-star hotel in Bucharest. Bucuresti Turism is listed on the Bucharest Stock Exchange and on the Rasdaq market, where it has a capitalization of some EUR 16 million. Elbit Medical Imaging also owns Plaza Centers, the real estate developer of the Dambovita center – a project also known as Radio House. editor@romania-insider.com (photo source: the company)