AVAB gets Holiday Inn

The Banking Assets Resolution Agency (AVAB) will take over the Sinaia-based Holiday Inn Hotel (formerly known as Mara) by mid February, in an attempt to recover a $27.8 million debt. The four-star hotel belongs to Mara Investments SA, a company undergoing reorganisation since late 1998. The company took a loan from Bancorex in 1994, which it was unable to repay. AVAB later got hold of all the receivables of Bancorex in order to try and collect them. AVAB had announced plans to take over Mara Investments’ business as early as a year ago, but the final ruling of the court did not come in until last week. AVAB will take possession of the asset in Sinaia and administrate it, while the State becomes the owner of the hotel. “We are now looking for a management team to get the maximum profits possible out of the hotel. We will organise a selection and probably decide to choose whoever can guarantee the best results,” Mircea Ursache, AVAB deputy chairman said. ZF