Ionuţ Negoiţă, Rin Grand Hotel owner, halts investments
Businessman Ionuţ Negoiţă, 36, who owns Confort group together
with his brother Robert Negoiţă (a PSD deputy), with tourism, real
estate and media operations, maintains he has halted investments
and waiting for the market to stabilise, while in early 2010 he
spoke of a mall and a 1,000-room hotel at the seaside.
"We will not operate any further investments this year. I
recklessly took out short-term loans and risked getting stuck,"
stated Ionuţ Negoiţă, who works with several banks in Romania, with
banking debts standing at 27m euros, according to his
estimates.
Negoiţă brothers control Rin Grand hotel of Bucharest, Europe's
biggest (according to owners), with around 1,500 rooms along 15
storeys and 1,000 parking spots, a 60m-euro investment finalised in
2007.
The businesses the two entrepreneurs manage slipped further after
the first half. "Rin Grand Hotel had 5.3m-euro turnover in the
first six months of the year, down 18.3% from a year ago,"
specifies Negoiţă.
The businessman says that his companies now hold cash and until
they are able to 70% bear a banking loan, he will no longer work
with money from banks.
"The relationship with banks is one of subordination, with banks
holding a dominant position", Negoiţă says.