Largest hotel in Romania, below forecast after 9 months

The 4-star Rin Grand Hotel, the largest hotel in Romania, developed in the Vitan area of Bucharest by the Negoita brothers, posted a nine million-euro turnover 9 months into the year, and is expected to miss its 17 million-euro target for 2008. “The hotel’s occupancy rate stood at around 28%, but we intend to reach 45-50% next year, by hosting international conferences which require over 400 rooms,” said Ionut Negoita, co-owner of the hotel. The summer months, when all Bucharest hotels go through a difficult period, were partly to blame for the failure to meet the initial 40% forecast. Events organisation generates 55% of the hotel’s revenues, but is expected to account for a lower share than accommodation in the coming period. The average price of a room at the Rin Grand Hotel is 70 euros. “Although we intend to raise prices in the coming period, we believe we entered the market with the appropriate price,” Negoita said. The four-star market also includes hotels such as Ramada Nord, Sofitel and Novotel.