Astoria Mamaia up for sale

The shareholders of the Mamaia-based Astoria Hotel have put it up for sale by auction organised on September 12, with the starting price set at $1.5 million. According to the sale notice, the auction will be held for 94.4% in Complex Astoria SA Company, which holds a hotel and a restaurant. The land of the hotel belongs to the Privatisation Authority (APAPS), which owns 5.5% in the company’s capital. “The decision to sell the shares was made by the five individual investors who are the majority shareholders. The business of the hotel was as good this season as it was last year,” Daniela Nicolaescu, sole administrator of the company said. Mamaia was this year’s most popular seaside destination, with its hotels reporting average take-ups of more than 80% and even close to 100% during weekends, when it was really difficult to find vacancies. Revenues went up about 20%-30%, partly because of the higher prices compared with other areas. ZF