Ambasador Hotel sees growth

The three-star Ambasador Hotel in Bucharest last year posted 86bn ROL (2.14 million-euro) turnover compared with 73bn ROL (nearly 2 million euros) in 2003. This accounted for a 7.5% growth in euros. “We made investments in order to refit 110 rooms in 2004 that totalled 7bn ROL (175,000 euros). The hotel occupancy rate was 51.6% last year compared with 49.8% in 2003,” said George Turna, the chairman of the hotel’s Board of Directors. Ambasador is held by a number of individuals, with George Turna being one of them. “The shareholders’ strategy for 2005 is to intensify efforts to increase occupancy. The company will continue to make efforts in view of obtaining a loan required by the hotel refurbishment works,” Turna specified. The turnover target for 2005 is 118bn ROL (nearly 3 million euros), while take-up is projected at 55%. “There are no changes among shareholders scheduled for 2005,” he added. Ambasador Hotel was inaugurated in 1934 and is not part of a hotel chain. ZF