In the first 10 months of the year, Continental hotel chain controlled by Radu Enache business man, reported decreasing revenues by 18% in leu currency and 50.8% average occupancy rate.
Enache stated that the hotels within Continental chain reported occupancy up to 38% during Sundays, while approximately 65-70% of the group’s revenues were generated by accommodation activity. The rest came from hosting business events and food&beverage segment.
Although a slightly recovery of hotel activity has been noticed over the last three months, compared to the first half of the year, the contribution of hosting events such as conferences and trainings is still poor.
Radu Enache stated that approximately 100 persons were employed in the two hotels which were completed this year, Grand Hotel Continental and Ibis Sibiu, following an estimated investment of EUR 15 mil.
Grand Hotel Continental, 5 star classified will open at the beginning of December.
The business man also considers selling new hotel units through sale&lease back contract, after signing four such contracts, worth EUR 35 mil, over the past two years.
Hello hotel in the capital, 2 star classified, was sold to Immorent, the real estate investments division of Erste group, while Ibis hotel located in Constanta was sold in 2008 to be bought back after 15 years. In 2007, other two sale&lease back contracts, worth EUR 18.4 mil. were signed for Continental Arad hotel and Ibis Parlament, Bucharest.
Radu Enache specified that no other projects will be initiated over the next five-six months.
Fivestar Hospitality Consulting 
