“First-quarter revenue is in line with the budgeted level. We’re focusing on meeting the financial and occupancy targets set for this year and we are confident we will succeed,” said Cristina Nitu, the hotel’s communication and marketing manager.
The hotel operates 402 rooms and in 2010 entered a renovation process, with event halls on the first floor being modernized in the wake of investments of EUR1.2 million. Cupola restaurant, reopened under the name of Steakhouse, and the hotel’s reception was also revamped.
“This year, we plan to refurbish guest rooms. Renovation works will be carried out in stages and will continue into 2015, floor by floor”. The hotel recently opened The Garden Terrace Café and Patio, due to operate until September.
The owner of the hotel, Societatea Companiilor Hoteliere Grand (SCH Grand), a company controlled by Bau Holding Strabag, doubled its net losses to EUR4.7 million in 2012 and posted revenue of EUR23.8 million, according to Finance Ministry data.
In September 2013, Unknownplan Properties Limited, registered in Cyprus and represented by Georgios Christoforou, former general manager of Bank of Cyprus Romania, paid EUR13 million to acquire the 35% stake held by ONT Carpati, under bankruptcy, in SCH Grand.
Bau Holding Strabag officials did not answer ZF’s request for information about the bank’s plans for JW Marriott hotel.
(English version by Catalina Apostoiu)