Hilton reaps $80 million in five years

The AthA©nA©e Palace Hilton hotel, based in Bucharest, has collected more than $80 million in its five years in business, Michael Williamson, business development manager of the hotel told Ziarul Financiar.
Hilton had some 330,000 tourists check in during this period, he added. 
Williamson would not reveal this year’s financial results, but said they were similar to last year’s. AthA©nA©e Palace Hilton posted nine-month turnover worth $12.2 million in 2001 and $18.4 million in 2000.
The former AthA©nA©e Palace Hotel, established in 1914, was one of the best-known hotels in Bucharest, with its name synonymous to the highest quality and comfort standards for the foreign tourists for many years.
Following an extensive refurbishment process started in 1993, which took up some $42 million investments, the new AthA©nA©e Palace Hilton was opened in October 1997. The letter of intent between the owners of the hotel and the representatives of the Hilton chain was signed in 1994, with the management contract closed a year later. The financing of the retooling process came in form of loans from the Banca Romana pentru Dezvoltare (Romanian Development Bank – BRD) and the European Bank for Reconstruction and Development (EBRD), with the Hilton hotel chain not contributing to the investment.
The hotel has 272 deluxe rooms and suites distributed over seven stories, two restaurants, one bar and the La Strada outdoor restaurant, in addition to 11 conference rooms, a health club and a casino.
AthA©nA©e Palace Hilton is owned by the AthA©nA©e Phenix Group. The shareholders of this company are the State (the Tourism Ministry through AthA©nA©e Palace SA) – 38%, businessman Mihai Carciog (shareholder of the Express media holding) – 13% and three French companies, which hold the remaining 49% (Compagnie ImmobiliA„?re Phenix, Feal International and Etudes GA©nA©rales Constructions Internationales).Carciog is the chairman of the company’s Board of Directors.