The buyer that submitted a non-binding bid is a private equity firm. The price is EUR177.5 million. Ziarul Financiar first reported this spring that the group was in talks to sell for more than EUR150 million.
This is Elbit’s second deal, after having sold a plot of land in Timisoara initially earmarked for a mall a few days ago.
The deal involving Radisson Blu and Park Inn should amount to EUR150 million to EUR200 million, according to market data.
Non-binding bids should be submitted in London over the coming period. Depending on how fast talks progress, the sale could be done in a few months, market sources said. Elbit has previously tried to sell the complex but was not happy with the price offered, the sources added.
Radisson hotel group in central Bucharest is operated by Bucuresti Turism, with more than 120 million lei (EUR26 million) revenue in 2015 (the latest officially available data). Bucuresti Turism’s owner is Elbit Imaging group based in Israel, in turn held by several private equity firms. (EUR1=RON4.5883)
(English version by Loredana Fratila-Cristescu)