Bucuresti Turism, 2m-euro losses

Bucuresti Turism, owner of the hotel of the same name in the capital city and of Centre Ville ApartHotel complex, posted turnover worth 11.6 million RON (3.28m euros) in the first half of this year, up 17 percent against a similar period of last year. The company is investing 40 million euros to modernise the Bucuresti hotel, which is scheduled to reopen under the Radisson brand of US group Carlson Hotels Worldwide, in 2007. At the same time, the company has earmarked funds to set up an apartment complex, Centre Ville ApartHotel, in one of the wings of the hotel located on Calea Victoriei. The company’s expenses went up 47% in H1, to 14.2 million RON (4m euros). Bucuresti Turism ended the first half with losses standing at 2 million euros, against income worth 780,000 RON (220,000 euros) in the corresponding period of 2005.