“The pandemic has seriously hurt us, the occupancy rate and revenues plummeted at Rin Grand Hotel, revenues plunged by 80%. We closed it down and we’re turning the last rooms into apartments. By next summer, we will complete this process,” Ionut Negoita, owner of the hotel, brother of Bucharest district 3 mayor Robert Negoita, told ZF.
Last year, 480 rooms out of the almost 1,500 rooms the hotel had at the opening moment still operated in a hotel regime.
Ionut Negoita, former majority stakeholder in football team Dinamo Bucuresti, with tourism businesses and also one of the biggest real estate developers in Bucharest, says he will focus only on housing investments.
At the launch moment in 2017, Negoita brothers were upbeat the hotel would turn profitable in just several years. In 2021, only one third of the hotel’s total accommodation capacity still operated in a hotel regime, with the rest being turned into apartments and put up for sale.
(English version by Catalina Apostoiu)