Ionut Negoita (photo), who owns Rin Grand four-star hotel in Bucharest together with his brother, says the value of the hotel amounts to 120m euros, but this is expected to double in three years after the moment it opens in 2011. Rin Grand Hotel, Romania's biggest hotel with a 1,500-room capacity, was developed in Vitan area and took 60m-euro investments. According to some previous statements by hotel market representatives, a four-star hotel room is assessed at around 150,000 euros. Against this value, Rin Grand should be worth 225m euros, namely the value Negoita estimates after three years of operations. Rin Grand in the first nine months reached 9m-euro turnover and will not hit the initial target of 17 million euros. "I don't believe the value of hotels will fall. The market rose by 7% this year, against the estimated one of 15%," said Negoita. He also carries out real estate and media investments with his brother and considers the value of Rin group stands at some 400m euros. The Negoita brothers own large plots of land in Bucharest, having announced major investments on part of them. They are also considering building new hotels. While not having put any projects on hold, the brothers are more cautious with regard to their next investments.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
