GED fully took over Group Millennium 2000, controlled by several Turkish businesspeople, through which the Duke hotel was opened ten years ago, while the refrigeration facility was opened in 2010 with the help of EUR1.6 million in EU funding.
“GED took over the full stake of Group Millennnium 2000 SRL because it has two interesting lines of business – Duke Logistics and Duke hotel,” Rafael Trebolle, deputy managing director of GED, told ZF.
The representative of the Spanish company says the main goal of this transaction was to tap the market of refrigerating storage facilities and that its location in Popesti Leordeni, next to Bucharest’s ring road, has been an advantage.
“The hotel is very interesting and the investment in such an asset means that GED continues to trust the Romanian hotel market and the future development of the tourist industry. By keeping its three-star rating, GED’s objective is to position Duke Hotel as one of the first options for Bucharest business travel and a better variant for the other tourists who want to be in central Bucharest,” Trebolle also said.
The cost of a single room at the hotel is EUR75 during the week and EUR50 during the weekend.
Group Millennium 2000 ended 2010 with a turnover of RON1.9 million (EUR0.4 million) and losses of RON3.8 million, according to Finance Ministry data.
(English version by Daniela Stoican)