Intercontinental Appoints Alexander Adamescu As Board President

04.28.2011 By Andrei Circhelan

Shareholders of Romanian hotel company Intercontinental (RCHI.RO) appointed Alexander Adamescu as president, while other three persons supported by The Nova Group Investments were elected members of the board.

Shareholders of Romanian hotel company Intercontinental (RCHI.RO) appointed Alexander Adamescu as president, while other three persons supported by The Nova Group Investments were elected members of the board.

Dan Adamescu, father of Alexander Adamescu and owner of The Nova Group Investments, Lucian Ciofoaia and Daniel Onute were voted as members of the board in a shareholder meeting held Tuesday.

Through local insurer Astra, Dan Adamescu recently bought a 16.2% stake in Intercontinental from Luxembourg-based RHIC Holding, raising his stake to 31.92%.

Alexander Adamescu replaces Thomas Albert Moser, who represented RHIC Holding, which owned almost half of the hotel company.

The Luxembourg-based company sold last week all of its shares for a total 51.1 million lei (EUR12.5 million), and a second stake, of 32.9%, was bought by Cyprus-registered Mountbay Limited.

Intercontinental owns the Intercontinental hotel in Bucharest that has 423 rooms, of which only 286 are operational while the rest are included in an upgrade program.