Bucharest Tourism turnover halves

Bucuresti Turism (Bucharest Tourism), the company controlling Bucharest Hotel in the Capital, posted 58bn ROL ($1.7m) turnover in H1, 2003, less than half the value registered in the year-ago period. Revenues dropped because the hotel was closed for modernisation at the end of last year, with only the apartment division operational this year. The company holds over 200 apartments, which it operates as hotel suites. As activity decreased, Bucharest Tourism posted 2.7bn ROL losses in the first half, down from 11.8bn ROL in net profit last year. Israeli group Elscint, the company’s main shareholder, is set to invest $40m in Bucharest Hotel, to upgrade it to five stars. ZF