The hotel was valued at €17 million early this year, but, according to sources close to negotiations, Enache only received half of this amount, about €9 mln. The president of Continental Hotels confirmed the transaction, but declined to provide any further details about its value.
“The transaction is close to being finalized, and I will direct the money towards ongoing and future projects,” Enache told Business Standard.
Radu Enache is not at his first transaction of this kind. He sold other three units of his portfolio through the sale&leaseback system in the past two years: in 2007, the Continental Arad and Ibis Parlament Bucharest units, and last summer the Ibis hotel in Constanţa. In all three cases the buyer was the Raiffeisen Leasing company, that paid a total of some €28.5 mln.
