Selling price of NH Hotel dropped to EUR 14 mil.

The 4  star hotel NH located in Unirii Square in Bucharest, controlled by Spanish shareholders, reduced the selling price from EUR 18 mil., three years ago, to EUR 16 mil. last year and to EUR 14 mil. at present, but still has not found a buyer.

In 2008, the hotel reported EUR 2 mil. turnover and EUR 230,000 profit, according to the Ministry of Finances website.

The situation is similar to last year, when investors were not interested in the estates put on sale, stated Catalin Mihalache, the representative of Imobiliar Expert Grup real estate company. Six hotels in the capital are put on sale on the website of the real estate company, including NH from Unirii Square.  

Mihalache stated that the market will stabilize in the second half of the year and transactions will appear as soon as investors will become active.

Hotels in the capital operated at occupancy below 50% last year, considering that travel budgets of companies and tourists reduced, as a result of the financial crisis.

Sursa: Ziarul Financiar [17.02.2010]