Copos makes money from events

The five-star Crowne Plaza Hotel, owned by businessman George Copos, generated revenue of 5 million euros from hosting events and organising conferences, assisted by the its catering department. The events contributed 50% to the total turnover, a figure in excess of 10 million euros posted by the company in 2006. “The banquet and food & beverage division increased at a faster rate than other hotel operations last year. The increase amounted to a figure of at least 15%,” said Franz Rattenstetter, general manager of the Crowne Plaza Hotel. The ten halls available for rent inside the hotel achieved a 75-80% take-up last year, while the average take-up rate for hotels in the capital city stands at around 65%. “Sometimes we have two bookings a day, a conference in the morning and another event in the evening; however, the big halls are also rented out for wedding receptions on Saturdays and Sundays. The events we host are mostly receptions, conferences and presentations,” Rattenstetter added. The company expects to continue to see steady growth this year of 5 to 7% in terms of turnover and around 10% on the conference segment. The total revenue estimated is valued at around 11 million euros. In addition, a new price increase in the room rates is expected, brought about by increase salaries and operating expenses, a figure that will not exceed 10%, according to the Crowne Plaza’s general manager. Standard room rates at the Crowne Plaza range between 150 and 235 euros per night at rack rate (i.e. room tariff before any discounts are applied), while the two-room presidential suite is available at 800 euros per night.