Copos wants to sell Europa hotel in Eforie Nord, but cannot find a buyer

Businessman George Copos, who owns seven hotels in Romania, is willing to sell four-star hotel Europa in Eforie Nord Black Sea Coast resort, which posted revenues worth 420,000 euros in the first half of the year, down 10% against the same time last year. Market sources that preferred to remain anonymous, say George Copos has been seeking a buyer for the seaside hotel since the beginning of the year. Asked by ZF if he was planning to sell the Eforie Nord hotel, the businessman said "the answer is no". Copos invested around 25 million euros in renovating Europa and Astoria hotels in Eforie Nord, which were taken over in the wake of privatisation auctions, in 2001-2002. Copos said then he would recoup his investment in 20 years. "All is for sale on the Black Sea Coast. Hotel operators would sell if they found a buyer, because seaside hotels don't make money. A few well-known properties are for sale, but no owner would admit they want to sell to get money," said Lucian Marinescu, senior associate of hospitality industry consultancy Trend Hospitality. Four-star hotel Europa in Eforie Nord, which operates 221 rooms, had a 64% occupancy rate in July, 20% less than last year's level, considering the Romanian seaside hospitality market has undergone a regression, according to previous statements from company representatives. Marinescu specifies there are only a few profitable hotels on the Romanian sea coast, but most hotels do not make money because of the short season. "Even if it makes money during the summer season, a hotel needs to be conserved and sustained afterwards. Overall, you end up not making a profit, especially if you also invested in renovation or modernisation." Copos also owns Crowne Plaza and Hilton in Bucharest, and three star hotels Sportul, Bradul and Poiana in Poiana Brasov mountain resort.