Copos: Last year’s 20m-euro investments brought the first positive signals in September-December

Bucharest 5-star hotels Athenee Palace Hilton and Crowne Plaza, owned by George Copos, one of the best-known Romanian businesspeople, ended last year with total estimated turnover worth 17.2m euros, down 13% year-on-year, according to Copos' statements and ZF calculations.

"Total 2010 revenues went down against 2009 amid the modernisation investments we made in the two hotels. Nevertheless, the first positive signs of operated investments became visible as soon as in September, when budgets were overshot," stated George Copos, who, through Ana Hotels owns the 5-star units of Bucharest, as well as three hotels in mountain resorts, Sportul, Bradul and Poiana, and Europa and Astoria hotels at the seaside.

Athenee Palace Hilton, which operates 272 rooms in Bucharest, had a 68% average occupancy rate last year, while Crowne Plaza had more than 50% of rooms occupied, according to the businessman.

"This year, there will be more rooms filled at the two hotels. A 5% higher turnover has been budgeted for Athenee Palace Hilton and 25% bigger turnover for Crowne Plaza amid operated investments," said Copos.