Hello Hotel in Bucharest was sold through a sale&leaseback contract worth EUR 9 mil.

Radu Enache businessman sold the 2 star hotel Hello in the capital for EUR 9 mil. through sale&leaseback contract, although the unit was initially valued at EUR 17 mil. at the beginning of the year. The buyer is Immorent company, the real estate division of Erste financial group.

The amount resulted from the transaction will be destined to present projects, as well as for future projects, stated Radu Enache.

Three other units in Continental Hotels portfolio have been sold through the sale&leaseback system. Continental Arad, Ibis Parlament Bucharest and Ibis Hotel in Constanta have been sold to Raiffeisen Leasing for a total consideration of EUR 28.5 mil.

Sursa: Daily Business [04.09.2009], Money [04.09.2009], Business Standard [03.09.2009]