Ionut Negoita, owner of the 4 star hotel Rin Grand in Bucharest together with his brother, Robert Negoita, stated that at present, the unit is valued at EUR 120 mil. and foresees a double value within 3 years. The unit’s evaluation was based on a mix considering the real estate value and profitability.
Rin Grand Hotel, the largest hotel in Romania, has a capacity of 1,500 rooms and is located in Vitan area. The necessary investment reached EUR 60 mil.
In the first nine months of 2008, Rin Grand Hotel registered a turnover of EUR 9 mil. Until the end of the year, the turnover is estimated to reach EUR 13-14 mil. Those results are lower than the initial estimates of EUR 17 mil. turnover for this year.
Ionut Negoita stated the hotel had an occupancy rate of 38-40% between September and October.
Negoita brothers also own Confort Traian, Rin Otopeni, Confort Otopeni hotels, each of these registering a growth above the average market value.
Sursa: Ziarul Financiar [07.11.2008]
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