Businessman Viorel Paunescu, one of the hotel’s main shareholders, said the hotel will not be sold. Investments exceeding €10 mln will be made to modernize the hotel, including rebranding.
Compania Hoteliera InterContinental (CHIR), owner of InterContinental hotel, has a capitalization of some €37 mln and is listed on the stock exchange’s electronic Rasdaq market. CHIR amortized losses last year by 18.4 percent, to some €6.8 mln, while total losses increased by some 4 percent, to about €17.4 mln.
Last year’s operating profit exceeded the budget approved by shareholders by 14 percent, while the income per room amounted to 94 percent of the local five star hotel market average.
InterContinental’s main shareholders were RHIC Holding and Lido SA, by the end of 2007/
InterContinental hotel chain is also present on the local market through the Crowne Plaza brand, controlled by businessman George Copos.
