Copos "persuaded by consultants" to spend 1.4m euros on stake in Ana Hotels

Businessman George Copos, who owns seven hotels that cumulate 1,000 rooms, bought the 3.4% minority stake in Ana Hotels, put up for sale by the Ministry of Regional Development and Tourism (MDRT) in an auction held yesterday, in which only Copos took part.

"At the recommendation of my consultants, I decided to participate in the auction, especially since I have the financial support of BRD bank. I bought the 3.4% stake for 1.4 million euros, which I consider to be a very high amount," said businessman George Copos.

At the end of September the businessman said he would not pay this much money for the stake put up for sale by the ministry and that he was not interested in taking part in the auction. The Ministry of Regional Development and Tourism announced in September it was auctioning off its 34% stake in Athénée Palace SA, a company that controls 10% in Ana Hotels.

Only two individuals and two companies, among which Ana Hotels, bought the conditions of contract for the auction. However, the only offer was submitted by Ana Hotels, controlled by George Copos. The businessman offered the minimum price asked by MDRT, i.e. 1.4 million euros. The transaction puts Copos's hotels at 44 million euros, less even than the valuation made for five-star Hilton hotel a few years ago.