Radisson and Park Inn hotels in Bucharest, close to a sale

The owners of the Radisson and Park Inn hotels in Bucharest are negotiating with four investment funds to sell the two hotels for EUR 180 million, according to market sources cited by local Profit.ro. The transaction could be signed by the end of the summer. If the two hotels are sold for this amount, it would be the largest transaction in the history of Romanian tourism. “Negotiations have entered the second round. There are four investment funds, some present on the Romanian market, some new ones,” according to the tourism sources. 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 fully let to tenants such as World Class, a casino, and luxury fashion retailer Burberry. Bucuresti Turism, the company that owns the two hotels, had revenues of EUR 31.1 million in 2016, up 13% over the previous year, and a net profit of EUR 2.6 million, according to official data from the Finance Ministry. editor@romania-insider.com