Transactions on the hotel market resemble the (bad) weatheroutside, say hotel owners who have put their hotels up forsale.
The price of four-star hotel NH in Bucharest's Piata Unirii(Unirii Square), controlled by Spanish shareholders, has been cutfrom 18 million euros three years ago, to 16 million euros lastyear and to 14 million euros at present, but its owners have yet tofind 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 upfor sale. The situation is similar to that recorded last year, wheninvestors could not be found for properties put up for sale," saidCatalin Mihalache, representative of Imobiliar Expert Grup realestate agency, which has six Bucharest hotels put up for sale onits website, including NH hotel in Piata Unirii.
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