Intercontinental Hotel, valued at merely 20m euros

Intercontinental Hotel in Bucharest has been recently valued, following a transaction through which businessman Dan Adamescu acquired 15% of the shares, at no more than 20 million euros, a much too small value compared with that of other hotels in Bucharest. Businessman Dan Adamescu, owner of the Unirea store in Bucharest, bought 15% of the shares of Intercontinental hotel for around 3 million euros at the end of last week, which puts the hotel’s value to 20 million euros. Adamescu acquired Rex hotel in coastal resort Mamaia from the Paunescu family in 2006 and later announced he was interested in investing further in the hotel industry. Adamescu is the second largest shareholder of the hotel, with the biggest share being held by Thomas Moser, 49%. The members of the Paunescu family, whose name had for a long time been associated with the hotel, are no longer listed among InterContinental shareholders, after selling their 12.4% stake last year. The new majority shareholder, Thomas Moser, has recently appeared for the first time in the company’s reports, being a previously unknown businessman on the Romanian market.