Owner of 5-star Radisson Blu in Bucharest becomes profitable five years after opening, wants to triple profit this year

The company which owns the five-star Radisson Blu hotel in Bucharest became profitable last year, after five years of yearly losses since opening the hotel. The company Bucuresti Turism, listed on the Bucharest Stock Exchange, posted a net profit of some EUR 1.26 million in 2013. Meanwhile its turnover was of some EUR 25.8 million, according to its most recent financial results. Radisson Blu, with 424 rooms, which makes it the largest five-star hotel in Romania, plans to almost triple its profit this year, and increase the turnover to some EUR 26.8 million. UPDATE: The hotel will appoint a new general manager end of March, as Yilmaz Yildirimlar has taken over the helm of Park Inn hotels in Russia. In December last year, the shareholders in Bucuresti Turism decided to turn 165 apartments within the Centre Ville aparthotel, into a Park Inn by Radisson hotel, which would mark the brand's entry on the Romanian market. Bucuresti Turism would invest EUR 3.7 million in refurbishing the hotel to open it as Park Inn. The Centre Ville complex includes 294 apartments, retail areas and a casino. Radisosn Blu and Park Inn are part of the Carlson Hotels and Rezidor Hotel Group. The main shareholder in Bucuresti Turism is Israeli developer Elbit Medical Imaging, in its turn controlled by Europe Israel Ltd. In Romania, Elbit Medical Imaging also controls Plaza Center, the company developing the Dambovita Center/Radio house mixed project. editor@romania-insider.com