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Thursday, December 16, 2004
Business in Romania blog
The building that hosts one of the oldest hotels in Bucharest, Hilton Athenee Palace Hotel shall be put on sale by negotiaton, a week from now. The six Romanian-French shareholders announced their intention to sell the 5 star hotel for almost 17 million dollars. The companies wishing to attend the sale of a symbol of antebellum Bucharest should have tourism as main object of activity, a turnover of 40 million dollars in 2003, audited accounts and ISO 9001 certificates, reads the sale announcement published by the Ministry of Transport, Buildings and Tourism. The nominal value of a share is of 3,000 lei and the bid will take place on December 21st, around 11:00 a.m.

The hotel is currently owned by Athenee Phenix Group, founded ten years ago as a joint venture between a state owned company - owner of the hotel - with a Romanian businessman - Mihail Circiog - and three French companies, divisions of Vivendi group. The shareholders at Athenee Phenix Group SA, the owner of the hotel, are three Romanian companies: SC Athenee Palace SA, CMC International, Hapcorp Romanian SA and three French companies: Compagnie Immobiliere Phenix, Feal International and Etudes Generales Constructions Internationales. In 1996, before the hotel was re-launched following 42 million dollars worth of investments, the shareholders signed a 20 years management contract with Hilton international hotel chain. Thus, the historic building became the first Romanian hotel operated by an international hotel chain and now it is the first hotel ever to be sold in Romania. Last year, the hotel had a turnover of more than 527 billion lei and a net profit of 113 billion lei (3.5 million dollars.)

Posted by Mihai : 12/16/2004 09:58:00 am Hilton Athenee-Palace Hotel For Sale
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