Five-star hotels Athenee Palace Hilton and Crowne Plaza ofBucharest, three three-star hotels of Poiana Brasov and Europa andAstoria seaside hotels, cumulating 1,000 rooms, are estimated to beworth at least 44m euros, according to the starting price of atender organised by the Tourism and Regional Development Ministry(MDRT), which plans to sell 3.4% in Ana Hotels company.
Ana Hotels, a company controlled by businessman George Copos,owner of Rapid Bucuresti football team, owns the seven hotels.
The ministry hopes to raise at least 1.45m euros for the 3.4%stake in Ana Hotels. According to the announcement published by theinstitution, MDRT put up for sale 34% in the stock it had inAthenee Palace SA, a company controlling 10% of Ana Hotels.
In 2005, Hilton five-star hotel alone was valued at 60m euros,in line with ZF data.
"Had we been in 2006, I may have considered buying this minoritystake. However, given the market situation and the fact that hotelsno longer generate the same profits as in previous years, Iwouldn't pay 1.4m euros for the stake, I see no reason to do it,"stated George Copos.
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