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

Copos wants to sell Europa hotel in Eforie Nord, but cannot find a buyer
13.10.2009, 19:41 14

Businessman George Copos, who owns seven hotels in Romania, iswilling to sell four-star hotel Europa in Eforie Nord Black SeaCoast resort, which posted revenues worth 420,000 euros in thefirst half of the year, down 10% against the same time last year.Market sources that preferred to remain anonymous, say George Coposhas been seeking a buyer for the seaside hotel since the beginningof the year. Asked by ZF if he was planning to sell the Eforie Nordhotel, the businessman said "the answer is no". Copos investedaround 25 million euros in renovating Europa and Astoria hotels inEforie Nord, which were taken over in the wake of privatisationauctions, in 2001-2002. Copos said then he would recoup hisinvestment in 20 years. "All is for sale on the Black Sea Coast.Hotel operators would sell if they found a buyer, because seasidehotels don't make money. A few well-known properties are for sale,but no owner would admit they want to sell to get money," saidLucian Marinescu, senior associate of hospitality industryconsultancy Trend Hospitality. Four-star hotel Europa in EforieNord, which operates 221 rooms, had a 64% occupancy rate in July,20% less than last year's level, considering the Romanian seasidehospitality market has undergone a regression, according toprevious statements from company representatives. Marinescuspecifies there are only a few profitable hotels on the Romaniansea coast, but most hotels do not make money because of the shortseason. "Even if it makes money during the summer season, a hotelneeds to be conserved and sustained afterwards. Overall, you end upnot making a profit, especially if you also invested in renovationor modernisation." Copos also owns Crowne Plaza and Hilton inBucharest, and three star hotels Sportul, Bradul and Poiana inPoiana Brasov mountain resort.

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