Main shareholder at former Tulip Inn in Bucharest wants to sell the hotel
With 95 percent shares stake owned at Bucharest-based hotel Double Tree by Hilton, the rebranded former Tulip Inn hotel located on Nerva Traian street, the Lebanese investor Raafat Sarieddine, plans to sell the hotel, due to the too long estimated breakeven forecast. March 2012
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The hotel has another shareholder, Nicolae Dumitrescu, the general manager of Sony Center shops, which controls a minority stake at the hotel, of 5 percent. “We plan to sell the hotel due to the too long breakeven time estimation, to last at least 15 years. We invested over one million Euro for the affiliation to Hilton brand, after we assigned EUR 5 million in modernizing works at the hotel,” said Dumitrescu. Currently, according to the investor’s statement, there are run talks with potential buyers but no contract has been signed yet. In August last year, hotelier brand Hilton announced it had opened the first hotel under the brand DoubleTree on Nerva Traian Blvd, in Unirii area in Bucharest. The hotel delivers a capacity of 88 rooms, according to Hilton officials. The location for the hotel is the former 4- star Bucharest City Hotel, which operated under the franchise of hotelier brand Tulip Inn. According to Hilton statement, units of Doubletree will be opened in Ploiesti and Oradea in the next future. Hilton operates over 250 properties under the brand of DoubleTree in 17 countries.
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