Luxembourg-based RHIC Holding has recently sold a 49 percent share package in five-star hotel Intercontinental in Bucharest, in two stock exchange deals worth some EUR 12.4 million in total. The hotel is owned by Romanian company Intercontinental (RCHI).

The deal, based on a price of RON 0.1249 per share, places the value of the hotel at some EUR 25 million, according to Ziarul Financiar. This was a 10 percent increase compared to the share price on the Bucharest Stock Exchange the day before the transaction.

RHIC Holding's shareholders have not been revealed. Other shareholders in the Intercontinental company are the Adamescu family, with a package of 15.7 percent, and Lido, with 11.9 percent. According to Romanianmedia, RHIC Holding is owned by the Paunescu family, which has made an exit. The Adamescu family, which controls Astra Asigurari, has bought a 16 percent share package, accounting for one of the  two deals on the Bucharest Stock Exchange. Adamescu thus now controls 31 percent of the Intercontinental hotel.

Check out RHIC on the Bucharest Stock Exchange here. The price of its shares went up by more than 70 percent in the last month, according to Ziarul Financiar. The company reported a turnover of around EUR 9.7 million last year, up on the previous year, but posted a loss. The hotel's occupancy rate was of 59 percent last year, up from 48 percent in 2009. The Intercontinental hotel in Bucharest has 272 rooms.

editor@romania-insider.com