Copos' hotels valued at 44m euros

Five-star hotels Athenee Palace Hilton and Crowne Plaza of Bucharest, three three-star hotels of Poiana Brasov and Europa and Astoria seaside hotels, cumulating 1,000 rooms, are estimated to be worth at least 44m euros, according to the starting price of a tender organised by the Tourism and Regional Development Ministry (MDRT), which plans to sell 3.4% in Ana Hotels company.

Ana Hotels, a company controlled by businessman George Copos, owner of Rapid Bucuresti football team, owns the seven hotels.

The ministry hopes to raise at least 1.45m euros for the 3.4% stake in Ana Hotels. According to the announcement published by the institution, MDRT put up for sale 34% in the stock it had in Athenee Palace SA, a company controlling 10% of Ana Hotels.

In 2005, Hilton five-star hotel alone was valued at 60m euros, in line with ZF data.

“Had we been in 2006, I may have considered buying this minority stake. However, given the market situation and the fact that hotels no longer generate the same profits as in previous years, I wouldn’t pay 1.4m euros for the stake, I see no reason to do it,” stated George Copos.