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Bucharest City's five-star hospitality industry

The five-star hospitality industry of Romania's capital city Bucharest is currently dominated by the JW Marriott Hotel, which posted a business turnover of 40 million euros in 2007.

The JW Marriott has 402 rooms and it is the most profitable hotel in the city, with an estimated 2008 profit of 18 million euros. In order to build the JW Marriot, SCH Grand took out a 100-million-euro loan on Government securities in the mid-1990s, from an Austrian bank consortium led by Erste Bank, the current owner of Banca Comerciala Romana (BCR), the largest bank in Romania. The JW Marriott is managed under a management contract by the Mariott International hotel chain. According to recent market data, the company is aiming to enter the Romanian local market with one of the Marriott Resorts brands, which might entail getting some hotels on the Romanian Black Sea coast affiliated with the chain. At the same time, Marriott officials are contemplating expanding business to include the central cities of Cluj-Napoca and Sibiu and the western city of Timisoara. The main players of the Bucharest five-star hotel market are the Athenee Palace Hilton, Howard Johnson Grand Plaza, InterContinental, Crowne Plaza, Casa Capsa, Carol Parc and Radisson SAS. A Radisson SAS hotel is expected to open in downtown Bucharest that would compete to become number one in its first year in the local business. The hotel would entail investments of between 60 and 65 million euros. The owner of Radisson SAS is BEA Hotels, part of Israeli Elbit Medical Imaging Ltd, a developer of a 600-million-euro property project in Bucharest. The Radisson brand is owned by US Carlson Hotels Worldwide. Initially planned for the end of 2007, the opening of the Radisson Hotel was postponed many times afterwards, with the owners arguing that unfavourable weather and the impossibility to import the necessary construction materials have made them delay the completion of works. Sursa: http://www.rompress.ro

Tags: radisson bucharest million hotel marriott euro bcr

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