Golden Tulip hotel sold for 12m euros

Atlas Estates International, a company with investments on the real estate market in Central Europe, has acquired three-star hotel Golden Tulip on Calea Victoriei, according to an announcement made by the company, which is registered on the London Stock Exchange. The value of the transaction was 12 million euros, 7.5 million euros in cash and 4.5 million euros accounting for the hotel’s debts to banks. According to the same source the company estimates a 1.2 million-euro operating income for the first year. Held by BNB Victoria Tower, which is controlled by a group of Israeli investors, the hotel was built in 2005 and recorded an over 80% occupancy rate last year. “I think the Israelis made a decision to sell because it is a good time for hotel transactions on the Romanian market. Atlas Estates is, however, not in talks with any other hotel within our portfolio. Our hotel will continue to operate under the Golden Tulip franchise and brand,” Paul Marasoiu, representative of Dutch company Golden Tulip in Bulgaria and Romania told ZF.