Owner of Bucharest’s Radisson Blu to finish Park Inn rooms renovation this year

Bucuresti Turism, the company that manages the five-star Radisson Blu hotel in Bucharest, posted a gross profit of EUR 2.5 million in 2014, double on the previous year, according to its most recent financial report. Meanwhile, its turnover dropped by 2%, to some EUR 25.7 million. The company managed to reduce its financial loss by 23%, which resulted in the equivalent boost in profit. Accommodation brought 66% of the revenues, while the chain’s restaurants brought a quarter of the income. The full financial report for 2014 is here (in Romanian, in pdf). Bucuresti Turism, which floats on the Bucharest Stock Exchange, has started renovation work on the apartments of the former Centre Ville Aparthotel, adjoining to the Radisson Blu hotel. It will pay some EUR 6 million for the renovation, out of a total EUR 7.5 million investment budget for this year.The rest of the money will go to hotel investments. By the end of 2015, it plans to finalize work on the 165 apartments, which will turn into 210 rooms under the brand Park Inn by Radisson. Given the renovation, the company expects its operating income to drop to EUR 25.3 million while its gross profit should be of some EUR 1.1 million. The full outcome for 2015 is here (in Romanian, in pdf). Bucuresti Turism is 76% controlled by Bea Hotels Eastern Europe – controlled by Israeli developer Elbit Medical Imaging; SIF Transilvania has 11.2% of the shares, while the rest is floating on the Bucharest Stock Exchange. Both Radisson Blu and Park Inn by Radisson are hotel brands under the Carlson Rezidor group. Last year, the group appointed Bert Fol as new general manager for the five-star hotel in Bucharest. editor@romania-insider.com