Sheraton was affected by the lack of tourists, both Romanian and foreign, as well as by the lack of corporate events that used to generate a significant part of its revenue. The partial or total restaurant closure last year affected it, as well.
Grand Plaza Hotel is 74% held by Tatika Investments, which is based in Cyprus and held by businessman Radu Dimofte. Sheraton Hotel opened in August 2015. The businessman also owns Ramada Parc and Ramada Plaza in Bucharest.
The five-star Sheraton Hotel will undergo renovation to increase capacity from 270 rooms and suites to 370. The hotel has a 11-room conference center.
Competitors on the five-star market in Bucharest are JW Marriott, Radisson Blu, Athénée Palace Hilton, Intercontinental, Epoque Hotel, Grand Hotel Continental and the latest to open, Marmorosch, a EUR42 million investment of Lithuania’s Apex Alliance Hotel Management.
(English version by Loredana Fratila-Cristescu)