Josef Goschy estimates hotel network is worth 367m euros

Timisoara-born businessman Josef Goschy (photo), the hotel owner who boasts the largest accommodation capacity on the Romanian market, says he intends to sell ten assets (including hotels, campsites and land), in order to finance the acquisition of the Amfiteatru-Belvedere-Panoramic hotel complex in the seaside resort of Olimp, which will increase the value of his hotel network by 30%. “By the end of 2008, in the wake of all planned investments, I will have 3,550 rooms worth 550 million dollars (367 million euros),” says Josef Goschy, chairman and majority shareholder of Unita Turism group. With 3,550 rooms, Goschy has outranked the Micula brothers (owners of the European Drinks group), who, before December 2007, owned the most hotel rooms (3,200). Goschy won the complex in December 2007, in an open auction staged by AVAS (The State Assets Resolution Authority), after outbidding rivals such as financial investment company SIF Transilvania (the minority shareholder of the Olimp-based complex) and Majestic group, controlled by businessman Mohamad Murad. Josef Goschy believes the acquisition of the complex will boost the value of his hotel network by one third. Last year, Unita Turism posted turnover worth 15 million euros, with half of the figure representing net profit. Josef Goschy’s list of assets for sale include the Onix and Safir hotels in Cap Aurora, campsites in Cluj and Targu Mures, and land in the centre of Cluj. Read more about Josef Goschy in this week’s BUSINESS Magazin.