Five-star hotel market increased by 5% in 2007

“Owing to a relatively constant occupancy rate on the five-star hotel segment, I feel that the value of the market grew no more than 5 percent. The main hotel registered a high occupancy rate, of some 85 percent, was Marriott, and that was all that was possible,” said Mircea Draghici, Managing Partner of advisory company Five Star Hospitality.

Ana Hotels and Athenee Phoenix Group, owned by businessman George Copos, estimated turnover in 2007 of €40 million, while Crowne Plaza representatives expected €11.4 mln.

Some 80 percent of Crowne Plaza’s activity came from the business segment. Representatives of the hotel announced at the end of 2007 that they intend to relinquish their contract with InterContinental International in favour of a franchise, allowing George Copos to be directly involved in management.

The Grand Hotels Companies Society, owner of JW Marriot, the largest five-star hotel in Bucharest, had a turnover of €37 million. JW Marriot has 380 rooms and 23 suites, as well as a shopping gallery and restaurants.

The Grand Plaza, owner of the 285-room and suites Howard Johnson Grand Plaza, registered turnover in 2007 of €13.7 mln.