Carol Park Hotel, Romania's most luxurious hotel that opened last autumn, forecasts turnover worth around 2m euros in its first year, primarily generated by high profile guests, which include international stars, politicians, and wealthy tourists.
"So far, our clients have been international celebrities, first-class businessmen, and politicians. The luxury travel segment remains undeveloped in Romania and we believe that we've only had ten tourists as guests so far," said Adrian C. Petre, owner of Carol Park hotel, where the price of a room ranges between 495 and 1,500 euros per night.
With real estate assets estimated at around 20m euros and several years' experience involved in one of New York's top hotels, Petre decided to build the luxury hotel in 2001, on Bucharest's highest point, close to Carol park.
Initially, the hotel's location was Piata Galati, but Petre subsequently opted for Carol park after he purchased a house for 350,000 dollars. However, since then property prices have increased around 3 times. According to Petre, estimated at 5m euros (excluding his own residence) the Carol Park investment is the biggest in Romania for the number of rooms (19). "(...) I believe investments will be amortised in 6-7 years," says Patre, who initially set a two-year deadline to finish the hotel. Actually, Carol Park Hotel opened in September, and initially saw its occupancy rate fluctuate from one month to the next. This year, forecasts indicate a 45-50% occupancy rate and revenues worth 2m euros.
The entrepreneur's plans for the hotel do not stop here. Petre wants to expand it by transforming another two houses that are adjacent to the hotel. "I bought another two houses on the street where the hotel is located. One of them will be turned into a wellness centre, in which we'll invest 1.5-2m euros, the other will house stores that sell luxury brands, as well as a dental clinic," explains the hotel's owner.
Within only a few months after the hotel opened Petre had received two offers. Although he does not rule out the possibility of a sale, the businessman says he first wants to develop Carol Parc.
Carol Parc Hotel is Bucharest's eighth 5-star hotel. It currently has 50 employees and expects to employ a minimum number of 65.
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