The five-star hotel Radisson Blu and the four-star Park Inn, located on Bucharest’s Calea Victoriei, are up for sale, according to market sources quoted by local Profit.ro.

The two hotels are owned by local company Bucuresti Turism, which is controlled by Israeli group Elbit Imaging, and operated by the Carlson Rezidor group.

Elbit Imaging has a presentation of the property on its website made by JLL, which highlights the significant growth in Bucharest’s tourism in recent years, which also reflected in higher revenues for the 4- and 5-star hotels.

Several investors have shown interest in the hotels, but couldn’t meet the owner’s financial expectations, according to market sources familiar with the talks, quoted by Profit.ro. The amount asked for the two hotels totals EUR 185 million, according to updated information from the same sources.

The Radisson Blu hotel has 424 rooms and 63 elite apartments, six restaurants and bars, and 11 conference rooms totaling 1,780 sqm. The Park Inn hotel includes 210 guest rooms and 66 un-refurbished apartments, a restaurant, and 4 meeting rooms. The property also includes 7,200 sqm of retail space fully let to tenants such as World Class, a casino, and luxury fashion retailer Burberry.

Bucuresti Turism had revenues of EUR 27.4 million in 2015, according to official data from the Finance Ministry. However, the turnover probably increased in 2016, as the Park Inn hotel opened at the end of 2015.

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editor@romania-insider.com