Spanish investment fund GED has increased its stake in Romanian hotel chain Continental Hotels by buying a 30 percent share package from Czech fund PPF Partners, in the biggest deal GED has made in the Eastern Europe since 1996, the fund has announced. The value of the deal has not been made public. Continental Hotels, with over 1,800 hotel rooms across Romania, hopes to achieve a turnover of EUR 21.1 million at the end of this year and a profit before taxes of EUR 5.3 million.

GED already had a 20 percent stake in the hotel chain, that it acquired in 2006. The fund now controls half of the hotel chain, the rest being owned by its founders, the Enache family. PPF had entered the Continental Hotels business in 2007.

This ownership increase in Continental Hotels follows GED's investments in Happy Tour, Travel House, Paravion and Prestige Tour, all on the Romanian hospitality market.

Continental Hotels has 14 hotels in Romania, out of which a five-star one in Bucharest, three four-star hotels and four Ibis hotels managed by Accor. The chain runs over 1,800 hotel rooms across Romania and has been set up 20 years ago.

Investment fund GED also controls the Infopress Group printing house and Cellulem Block beauty clinic chain in Romania.

editor@romania-insider.com

(photo source: Continental Hotels)