Carol Parc Hotel in Bucharest: 29% lower revenues in the first semester

In the first semester of this year, Carol Parc Hotel in Bucharest, 5 star classified, reported revenues of approximately EUR 250,000, declining by 29% compared to the same period last year.

Revenues from accommodation accounted for 50% of total revenues, similar to the revenues cumulated from events and food and beverage segment, which increased by 20% compared to the previous year.

In the first semester, the unit reported an occupancy rate of 28.4%, 1.2% higher, compared to the same period last year.

Adrian C. Petre, the hotel’s owner, plans to develop a spa center nearby the hotel, but the investments are currently put on hold.

Petre stated that the replacement value of Carol Parc hotel varies between EUR 7.5 and 9 mil. according to property assessors, but he considered that some aspects, as the upgrading process, the architecture and the hotel’s design, have been undervalued.

Sursa: Ziarul Financiar [10.09.2009]