Rin Grand Hotel: 250 rooms to be turned into office spaces

Ionut and Robert Negoita brothers, owners of Rin Grand Hotel in Bucharest, 4 stars classified, will turn 250 hotel rooms into office spaces. The decision is the result of the lower occupancy due to the economic crisis. The hotel has a capacity of 1,500 rooms.

This decision will generate approximately 5,000 sq m of office spaces. The investment for re-partitioning and rehabilitation of the office spaces will cost approximately EUR 100 per sq m.

Ionut Negoita, owner of Pro Confort group, stated that the rent will range between 7 and 9 EUR per sq m, subject to the rented area.

For the first six months of this year Rin Grand hotel registered revenues of EUR 5.2 mil., decreasing compared to the same period last year, when the revenues amounted to EUR 6.3 mil.

The hotel owner stated that the decrease is mainly due to fall in corporate training and events.

Sursa: Bloom Biz [13.08.2009], Daily Business [13.08.2009], Gandul [14.08.2009], Wall-Street [14.08.2009], Ziarul Financiar [14.08.2009]