NH hotel still unable to find a buyer even after 4m-euro price cut
Autor:
Mirabela Tiron
16.02.2010
Transactions on the hotel market resemble the (bad) weather
outside, say hotel owners who have put their hotels up for
sale.
The price of four-star hotel NH in Bucharest's Piata Unirii
(Unirii Square), controlled by Spanish shareholders, has been cut
from 18 million euros three years ago, to 16 million euros last
year and to 14 million euros at present, but its owners have yet to
find a buyer. The owner of Stil hotel in Bucharest, Alin Burcea,
cut 21% off sale price, to 3 million euros this year, without,
however, stirring the interest of an investor.
"There is no concrete demand on the market for the hotels put up for sale. The situation is similar to that recorded last year, when investors could not be found for properties put up for sale," said Catalin Mihalache, representative of Imobiliar Expert Grup real estate agency, which has six Bucharest hotels put up for sale on its website, including NH hotel in Piata Unirii.