Israeli group will get EUR 80 mln for top hotel in Bucharest

Israeli group Elbit Imaging will get some EUR 80 million net from selling the Radisson Blu and Park Inn hotels in Bucharest. The transaction could be signed by the end of this month, the group announced in a note to investors. In August this year, Elbit announced its shareholders that it signed a letter of intent to sell its majority stake in the Romanian company that owns the Radisson hotel complex in Bucharest. The property was valued at EUR 177.5 million. The group also said that the potential buyer is an international investment fund. The Romanian media then reported that the buyer is Revetas Capital, an investment fund founded and managed by Eric Assimakopoulos, which also owns the Vitantis Shopping Center in Bucharest. The proposed purchaser has finalized its due diligence and has agreed to paying a net price of some EUR 80 million for the property, according to Elbit’s new announcement. The signing and execution of the contract should take place by November 23 and the transaction should be completed in December. Radisson Blu is the former Bucuresti hotel, the largest one in the capital during the Communist regime. Israeli group Elbit Medical Imaging, owned by Europe Israel Ltd, acquired it at the beginning of the 2000s. The hotel then opened under the Radisson brand in 2003. The Radisson Blu hotel has 424 rooms and 63 elite apartments, six restaurants and bars, and 11 conference rooms totaling 1,780 sqm. The Park Inn hotel includes 210 guest rooms and 66 un-refurbished apartments, a restaurant, and 4 meeting rooms. The property also includes 7,200 sqm of retail space. Investment fund close to purchasing Radisson Hotel in Bucharest editor@romania-insider.com