“There are many hotels on sale, tens, on a national level. The owners were probably interested in real estate investment when they built them. There are some in Bucharest as well, but outside Bucharest it’s really bad. Outside Bucharest lodging prices are even lower, and tourist traffic is a problem,” Enache said.
He added that most units up for sale were built in the past 10-12 years, usually by people doing business in areas other than tourism. Most of these are three-, four- and even five-star units.
“The asking prices are unrealistic for these times. Those who invested in these hotels have no idea what to do, and how to technologically use such a business. They sell the building per se, not the business, but there are countless buildings in public areas, which cannot bring any tourism money, or whose rooms require extensive investment in upkeep. Not to mention what’s behind the curtains, kitchens, for example, with a high degree of sophistication but in breach of regulations. Other kitchens, less sophisticated ones, are in illegality,” Enache added.
According to tourism ministry data, Romania has 1,535 hotels, including 31 five-star units, 236 four-star units, 746 with three stars, 450 with two stars and 72 with one star.