Novotel hotel in Bucharest valued at EUR 28.3 mil.

Novotel hotel in the capital, 4 star classified, was valued at EUR 28.3 mil. in 2009, below the value of EUR 29.5 mil., paid in 2006 by the Austrian company Sparkassen Immobilien, the real estate division of Erste Bank. 

The financial report of Sparkassen Immobilien company shows that the evaluation of last year for Novotel hotel included an investment yield of 9.4%.

Sparkassen Immobilien took over Novotel hotel from Accor French hotel group which later signed a lease contract on long term with the Austrian company, the hotel unit being the first investment of the company on the local market.

According to the latest available data, Accor Hotels Romania which operates Novotel hotel, reported EUR 11.4 mil. turnover in 2008 and a net profit of approximately EUR 1.7 mil.

Besides the 4 star hotel unit, Sparkassen Immobilien real estate development company also owns, the commercial center Sun Plaza in Bucharest on the Romanian market.

Sursa: Ziarul Financiar [04.05.2010]