Businessman Radu Enache, who controls Continental hotel chain,with turnover put at 20m euros last year, is in talks with twofinancial companies for the sale through sale&lease back ofthree-star hotels Ibis of Sibiu and Continental of Târgu Mureş tobe able to support his investment plans.
"The two hotels have 195 and 120 rooms, respectively. I cannotsay how much the two hotels are valued at, the data areconfidential. Through the sale of these hotels we will improve ouraccounting and financial situation," said Radu Enache, who controls14 hotels on the Romanian market. The Ibis hotel of Sibiu wasopened in 2009, in the wake of investments the businessman puts at9m euros.
Enache says he would like to repurchase the two units in 14years, with the raised money to be used for investments in themodernisation of some hotels, but also to start new hotelprojects.
To raise money, the businessman has sold four hotels throughsale&lease back, worth around 35m euros, over the past fouryears.
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