Businessman Fathi Taher, who currently holds a 19% stake in Bucharest's five-star Marriott hotel, will put in a new offer to acquire the majority stake from Bau Holding Strabag, after his first attempt failed.
"I am interested in buying, and even made an offer to Strabag almost a year ago, but I did not receive any response. I was unaware that we had not settled on a price until reading about it in the press. Now, we will conduct another appraisal, and I will submit another offer. I have said before that, from my point of view, the Marriott is worth between 150 and 200 million euros, but I did not include the company's debts in that offer, which revolve around 100 million euros," said Fathi Taher.
At present, Bau Holding Strabag controls 55% of Societatea Companiilor Hoteliere Grand, which manages the Marriott hotel in Bucharest.
Taher has hired the law firm Bostina & Asociatii to advise him in negotiations with the shareholders.
"We are authorised to negotiate with Strabag, with the Bank of Cyprus, as well as with all parties interested in the transaction," said Doru Catalin Bostina, coordinating lawyer.
Contacted by ZF, Strabag representatives said they would not sell any shares in the hotel. "We did not settle on a price," Christian Ebner, Strabag's spokesman told Business Magazin, and explained why they had failed to reach an agreement, after negotiations between Strabag and Fathi Taher started last year.
In mid-2007, Fathi Taher announced he was in advanced talks with the hotel's majority shareholder, Strabag, to acquire 35%, but said there was also the possibility that he would sell his stake to the Austrian group, which could then sell the hotel to an investment fund.
Now, Taher appears determined to acquire the majority stake.
"I have other investment plans in the hospitality sector, but for the time being this is my focus," he added. The latest Marriott appraisal dates back to the beginning of 2006, when it amounted to 150 million euros.
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