JW Grand Marriott, Bucharest's biggest five-star hotel in termsof turnover, has closed all event rooms until March 13th torenovate its first floor, a 1.2 million-euro investment. This isonly the first stage of the renovation process, which will continuein 2011 with the hotel's 402 rooms.
"We are modernising the Grand Ballroom event hall and the ViennaCafe on the first floor. We will see a loss as far as eventorganising is concerned, but we have provided for it in this year'sbudget," said Dina Litzica, the hotel's PR and marketing manager,without specifying what this loss amounts to. Event organisinggenerates 50% of the hotel's overall revenues, given that the hoteloperates 12 conference rooms that can accommodate 2,000people.
According to ZF estimates, last year the hotel used to collectaround 1.2 million euros on average per month from events,considering the 14 million-euro estimated revenues from thisbusiness.
JW Marriott has yet to report financial results for last year, butten months into the year it posted a 22% decline, according toprevious statements from Igael Porecki, the hotel's generalmanager, who took over at the helm of the hotel in August lastyear.
In 2008, JW Marriott reported a 17.1 million-euro loss and analmost 38 million-euro turnover, according to data from theMinistry of Finance.
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