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Radu Enache plans to sell hotels through leaseback

Businessman Radu Enache, owner of Continental Hotels, the largest hotel chain in Romania, plans to sell some properties through leaseback contracts, an arrangement in which one party sells a property to a buyer and the buyer immediately leases the property back to the seller, daily Business Standard reports on Thursday.

The company applied the same procedure for the Ibis Nord and Ibis Parlament hotels in Bucharest, the latter with a value of 10 million euros. Enache plans to open ten Hello Hotels in Romania, and to expand the Continental Hotels portfolio beyond Romania, to the Ukraine, Bulgaria and the Republic of Moldova. Continental Hotels posted turnover worth 28.6 million euros in 2007, some 15 percent higher year-on-year. Sursa: http://www.rompress.ro

Tags: hotels plans enache

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