Copos Rents Out Seaside Hotel Astoria For Three Years

12.09.2011 By Tiron Mirabela

Businessman George Copos, owner of seven hotels on the Romanian market, has rented out three-star hotel Astoria in Eforie Nord seaside resort for three years to Marina Travel company, which also holds stakes in two one-star hotels in Eforie Nord.

The move is not surprising considering that in May this year Copos said "one didn't stand a chance on the seaside" and that he was wrong to invest in seaside hotels. He even said he would sell the seaside hotels "tomorrow" for EUR1 million.

The Astoria hotel, built in the '60s and renovated in 2003, has 97 rooms. Recent data on the hotel's revenues have not been made public, but in 2008 it announced a turnover of nearly half a million euros.

"We have rented the Astoria hotel from Ana Hotels because the two hotels we have on the seaside were closed down.

We are planning to buy the Astoria hotel, have announced our intention, but we have yet to discuss the amount for which we could buy the hotel," said Marius Cirja, representative of Marina Travel, held by wife Gheorghita Cirja (95%).

Marina Travel owns Putna hotel in Eforie Nord, which is currently closed down and 50% in one-star Meteor hotel (the remaining 50% is held by THR company).

Marina Travel reported a turnover of around RON332,000 (EUR76,000) and a profit of around RON154,000 (EUR36,000) with three employees, according to Trade Registry data.

Copos also owns four-star hotel Europa in Eforie Nord. He expects the hotel to generate EUR2.8 million in revenues next year.

"We budgeted operating revenue of RON114.8 million (EUR26.4 million) at the seven hotels," the businessman said. Apart from the two hotels in Eforie Nord, Copos also has two in Bucharest - Athenee Palace Hilton and Crowne Plaza, and three hotels (Bradul, Poiana, and Sportul) in Poiana Brasov mountain resort. The two Bucharest hotels account for 73% of the overall revenues of Ana Hotels company.

Last year, the turnover of Ana Hotels amounted to RON97.2 million (EUR22.3 million) and overall revenues stood at RON113 million (EUR26 million). EUR1=(RON4.342)

(English version by Daniela Stoican)