“The first few months in business show us we’re on the right track. We’ll keep the EUR1.5 million revenue target for the first year unchanged.”
Cismigiu Hotel in Bucharest reopened last December after a EUR15 million investment by Spain’s Hercesa.
“Most guests, 60%, are foreigners, the rest of them are Romanian businesspeople. Most customers come from Spain, Italy and Germany and spend two nights in our hotel on average during a business trip.”
The hotel is due to open its seven conference rooms that can seat 10 to 80 people in April.
Hercesa bought Cismigiu Hotel in 2004 and three years ago started renovating it, keeping the original early twentieth century facade and rebuilding the interior completely.
Spain’s real estate developer Hercesa turned the derelict building into a four-star hotel with 60 apartments, which can be used for extended stays. “We hope to have 5% of the rooms occupied long-term.” Grecu said.
The hotel’s occupancy rate stood at 25% in January and February and went up to 40% in March.
“Most customers travel on business. Tourism in Bucharest is underdeveloped,” Hotel Cismigiu’s general manager said.
(English version by Loredana Fratila-Cristescu)