InterContinental posts losses in H1

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Compania Hoteliera InterContinental (CHIR), one of the top players on the local hotel market, through the five-star InterContinental Hotel, registered losses worth 283,000 euros in the first six months, compared to 733,000 euros in profit posted in H1 2007, according to data submitted to the stock market, informs daily Business Standard on August 21.
 
The company’s general manager Jonathan Soper declined to comment on the figures. "All I can say is that we did not register losses at the operations level," he said.
 
According to company officials, revenue increased 17.2%, to 8.5 million euros, while expenditures rose 36.12%, to 8.8 million euros.
 
InterContinental was valuated at 70.74 million euros by DTZ Echinox real estate advisory company, of which 30 million euros is the value of the land, located in central Bucharest.
 
The hotel is operated by the international InterContinental chain, based on a 2006 management contract, which extended a 35-year partnership.
 
Other players on the Bucharest five-star hotel market are JW Marriott, Athenee Palace Hilton, Howard Johnson Grand Plaza, Crowne Plaza, InterContinental, Casa Capsa, Carol Parc Hotel and Radisson SAS.
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