K + K buys Elisabeta Hotel

Austrian hotel chain K + K bought the Elisabeta Hotel, located in Piata Rosetti in Bucharest, for five million euros, sources on the hotel market told ZIARUL FINANCIAR. The quoted sources say there are no other plans for further investments on the domestic market. This is the first entry of an Austrian hotel chain onto the Romanian market, given that Austrian companies have been investing in several economic sectors, such as petroleum, the wood industry, construction supplies, media, the food industry, banks and insurance over the last few years. K + K Hotels, the private hotel chain established by Austrians Josef and Helmut Koller in 1961, operates nine hotels, all of them located in Europe. The Austrian chain is present in locations such as Paris, London, Munich and Vienna, as well as in Eastern Europe in Prague, Budapest and now also in Bucharest. The seller of the Elisabeta Hotel is the Romanian-Italian company Multitrade Group (MTG), which specialises in construction and interior design. ZF