The four units targeted by the termination of the collaboration are Ibis Gara de Nord, Ibis Parlament, Ibis Constanta and Ibis Sibiu, of which two will operate under a new brand of the local company, MyContinental.
“Starting July 1, the Ibis hotels taken over will be closed for about four to six months for restoration and refurbishment works. Afterwards, the four hotels will be rebranded as follows: the Continental Forum Bucuresti and Continental Forum Constanta hotels will operate under a four-star standard, while MyContinental Bucuresti and MyContinental Sibiu will represent the new three-star brand. We want to thank Accor Group for everything we have manged to jointly accomplish on the Romanian hotel industry market,” stated Radu Enache, CEO and President of Continental Hotels S.A.
At the same time, the company will continue its expansion plans with three four-star Forum hotels in Brasov, Iasi and Cluj, and a two-star Hello Hotel in Iasi.
Continental Group has 13 hotels, of which 12 operate under the Continental, Hello Hotels and Ibis brands, with a total of over 1,850 rooms. Of these four are under management contract.
In 2019, the company Continental Hotels had a turnover of RON142.6 million, up 13% on the year, and a profit of RON12.2 million.
The company is held by Conti Hotels Investment (with a 74% stake), by regional investment fund SIF Transilvania (9%), R.E.D. Group (7%), Fundatia Elias (4%), Andrei Pop (1%) and other shareholders.
Continental Hotels is one of the largest hotel companies in Romania, alongside ANA Hotels (owned by the Copos Family), the Radisson Blu compound and Societatea Companiilor Hoteliere Grand (which owns the five-star JW Marriott Hotel in Bucharest).