Societatea Companiilor Hoteliere Grand (GHES) who owns the JW Marriott five-star hotel of Bucharest, annually collects around 6 million euros from rentals of space, sources close to the business told ZF.
A unit of the Petrom and Lek Pharmatech, the Slovenian pharmaceutical company, rented office space in the Marriott. At the same time, besides office space, the biggest hotel in Romania also holds an important commercial gallery and a casino.
Receipts include rent from the offices of companies, which have subsidiaries there, rent paid by the stores, as well as the rent for the casino at the Bucharest based hotel, GHES representatives also said. According to them, the rent per square metre of office space stands at 25 euros plus VAT on average.
The office section of the hotel belongs to GHES, but is not managed by JW Marriott. According to the above-quoted sources, monthly receipts generated by office rentals in the Marriott are estimated at around 400-450,000 euros. The rental space for offices is an area of 12,000 square metres, while commercial rentals cover an area of 4,000 square metres. GHES representatives say the space is currently rented out.
According to the latest information the GHES shareholders are, Bauholding Strabag (55%), ONT Carpati (30%) and Alliance Overseas (15%). Market sources state that Alliance Overseas is controlled by Fathi Taher, the Lebanese businessman, who resigned from his position of Marriott board chairman last summer.
The JW Marriott hotel, which has 402 rooms, has been recently assessed at 150 million euros. The assessment was requested by the consortium of Austrian banks led by Erste Bank, the credits of GHES. At present, GHES has debts of about 80 million euros left to pay, after it contracted a loan worth over 100 million euros, with the endorsement of the Romanian state in the mid ''90s, to build the hotel. GHES representatives said the debt would be amortised in a period of 15 years at most. The hotel registered turnover worth 42 million euros in 2005.
JW Marriott hotel is operated under a management contract by the Marriott International hotel chain. JW Marriott''s rivals on the market in the capital city are the Hilton, the Crowne Plaza, the Intercontinental and the Howard Johnson hotels, all of which are five-star hotels, as well as the four-star Sofitel. andreea.groenendijk@zf.ro
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