Angelo Airport Otopeni Hotel: EUR 106,000 losses in 1Q

In the first quarter of the current year, Angelo Airport Hotel in Otopeni registered EUR 106,000 losses, similar to the same period last year. Occupancy rate declined from 50 to 31%, as per the report of Warimpex Austrian company.

Warimpex took over Angelo Airport Hotel in Otopeni in 2007. The company invested EUR 15 mil. in purchasing, upgrading, expanding and integrating the unit under Angelo brand.

In the first quarter of 2009, Warimpex registered net losses of EUR 10.27 mil., increasing compared to the same period in 2008 when the losses represented EUR 1.88 mil. Total revenues dropped approximately 20%, down to EUR 14.71 mil. from EUR 18.24 mil., following the significant decrease of the occupancy in hotels.

Sursa: Ziarul Financiar [26.05.2009]