Enache hotel owner: My assets are worth 140m euros

Businessman Radu Enache, owner of Continental Hotels chain, which operates 14 hotels on the Romanian market, says the value of his hotel assets and of his plots is estimated at around 140-150 million euros, down 20% on 2008. This is the first time that the businessman publicly reveals the value of assets he holds.

“This is the book value of the assets, which was determined based on an analysis by authorised assessors made at the end of last year, this is not the market value,” said Enache, whose company, Continental Hotels, posted a 19.4 million-euro turnover last year.
Another hotel owner, Josef Goschy, with over 3,500 rooms on the Romanian market, through Unita Turism group, said the value of hotel assets he holds amounts to only 60% of its value of two years ago, put at 350 million euros. George Copos, owner of seven hotels, said in turn that all his hotels were now worth half as much as in 2008. This year the value of transactions involving hotels is down by 60%, to 15.2 million euros, according to Trend Hospitality.