The company is still in the red, having posted RON320,000 loss in 2014, RON2.5 million lower than in 2013. It has been operating at a loss since 2009, the first full-year in business after 2008, when it reopened after renovation. Vega Turism officials say it might return to profit this year.
“Total spending includes the financial expenses related to the repayment of the loan the hotel took for its renovation in 2006-2008. The hotel has been posting net losses ever since, and our goal is to make net profit and cover the financial expenses for the loan this year,” explains Razvan Dobre, sales&marketing manager of the 141-room Vega Hotel.
Vega, which was built in the seventies, reopened in 2008, following an about EUR10 million investment. The owner of the hotel is businessman Gabriel Comanescu, who bought it from individual shareholders and from the Employee Association in 2005 when it was rated three stars. The deal amounted to EUR2.5 million at the time and Vega Turism estimated it would get back its investment in revamping the hotel in ten years.
(English version by Loredana Fratila-Cristescu)