Athenee Palace Hilton, 25m-dollar business

Athenee Palace Hilton in Bucharest has set out to post a turnover worth 73 million RON (25 million dollars) this year, an approximately 10% increase against 2005, while the net profit could reach 20 million RON (7 million dollars). “We set out to post a turnover worth 73 million RON this year. We currently have an investment underway worth some 2.5 million euros to modernise the hotel, to be carried out in five stages. We are undertaking this renovation, working throughout the slower months for a business hotel, such as January-February and August, on different levels of the building,” stated the general manager of Ana Hotels, Simona Constantinescu on Monday. Last year, Ana Hotels bought the majority stake of Athenee Phenix Group (52.4%), the owner of the five-star Bucharest hotel from three France-based companies, controlled by Vivendi International. The transaction stood at 18 million euros.