“Even though revenue fell, considering it underwent upgrade works, Hilton is still the best hotel of the group,” stated George Copos, who owns seven hotels on the Romanian market, out of which two five-star ones in Bucharest, two in Eforie Nord and three in Poiana Brasov resort.
Ana Hotels, the hotel group Copos runs, posted EUR25.6 million turnover in 2009, while gross profit stood at EUR230,000, according to Trade Registry data.
The 272-room Athenee Palace Hilton saw EUR2 million invested to renovate the reception, the lobby, the patio and a restaurant.
While the largest hotel Copos has in his portfolio saw revenue decline, Crowne Plaza five-star hotel registered 14% higher revenue and gross operating income went up by 3.2%, the businessman said.
Copos last year invested around EUR3.5 million to open two restaurants and a bar in Crowne Plaza, tripling the number of seats in restaurants.
Copos gave no details on the absolute value of revenue generated by the two five-star hotels for confidentiality reasons. In 2010, they posted total turnover put at EUR17.2 million, down 13% from 2009, the businessman has previously said. “We managed to curb expenses for both hotels and they are profitable.”
Last year, he started a hotel modernization process in the wake of a EUR25 million loan contracted from BRD in 2009.
(English version by Catalina Apostoiu, edited by Loredana Fratila-Cristescu)