Market of 4 and 5 star hotels appraised at over 140 million euros

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The companies which operate the most important hotels on the Bucharest relevant market, the four and 5 star hotels, reported cumulated business in 2007 worth over 140 million euros, up as against 123.2 million euros in 2006, daily Business Standard reports.
The six hotels that were activating on the Bucharest market in 2006 (at present 8 units are operational) reported in same year cumulated business worth 95 million euros.
The biggest turnover was reported by the Grand hotel company, which owns JW Marriott, which held, since the opening at the beginning of 2000, supremacy on the Romanian market respectively 40.4 million euros.
 
On the next places but much behind are Ana Hotels and Athenee Phenix Group, whose name is connected with businessman George Copos, respectively the 5 star hotels in Bucharest – Crowne Plaza and Athenee Palace Hilton. The two hotels reported turnovers worth 20.4 and 21.7 million euros.
The companies that operate Howard Johnson Grand Plaza, InterContinental, Sofitel and Phoenicia also reported revenues worth over 10 million euros – 16.4 for Howard Johnson, 15.5 m euros at InterContinental, 14.9 m euros at Sofitel and 10.2 at Phoenicia.
 
Although the market is effervescent as regards the emergence of new new hotels, Bucharest did not draw big names of the hotel industry last year. At local level, rumours have come up about the arrival of chains such as Starwood Hotels or Hyatt, or the expansion of some which are already present, such as Marriott (which has been trying for the last 2-3 years the expansion in Romania with brands such as Ritz Carlton, Renaissance or Courtyard), Hilton (which targeted the 3 and 4 star segment) or InterContinental (which is already present with two brands).
 
''It was a year with good results, but probably, the last one without problems for hotels owners, considering the noteworthy shrinkage between demand and offer, mainly allowing for a rise in offer,'' Lucian Marinescu, consultant with Trend Hospitality, one of the most important players on the relevant market, told daily Business Standard. The company is represented at local level by hotel chain Wyndham.
This year, emerging on the five-star hotel market, but not at full throttle yet, was Radisson SAS hotel, the biggest unit in terms of the number of rooms.
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