Continental Hotels business 15 percent above estimates in 2007

The growth is due to a higher number of tourists, especially in the city of Sibiu, European Cultural Capital in 2007, where the chain owns two hotels, according to Continental Hotels’ President, Radu Enache.

The company’s operating profit amounted to 25 percent of turnover in 2007, and Enache expects the same ratio this year. He is expecting some €30 mln in net sales in 2008.

According to Enache, the company will have nine new projects this year, of which two are already ongoing, and its investment budget for this year is worth some €36-40 mln.

The Continental Hotels chain is made up of 14 units, of which three are operated under the Ibis brand. The chain’s main competitors on the three and four-star segments are international Best Western, Golden Tulip and NH Hoteles chains.